Venezuela removed eight tonnes of gold from the central bank's vaults last ...
CARACAS - Venezuela removed eight tonnes of gold from the central bank’s vaults last week, and the cash-strapped socialist state is expected to sell the bullion abroad as it seeks to raise hard currency in the face of U.S. sanctions, a lawmaker and one government source said.
The government source said the central bank’s reserves had fallen by 30 tonnes since the start of the year before U.S. President Donald Trump tightened sanctions, leaving the bank with around 100 tonnes in its vaults, worth more than $4 billion. Asked to comment on the new removal of gold, a U.S. State Department spokesman said, “The United States condemns all attempts by Maduro and his supporters to steal resources from the Venezuelan people.”
Opposition lawmakers have blasted companies buying Venezuelan gold or holding it as collateral for loans, saying they are giving Maduro a financial lifeline during an economic and humanitarian crisis. “They moved gold out while the central bank was in contingency mode,” opposition lawmaker Angel Alvarado said, adding that the bars would be sold abroad, though he did not know the destination.Washington in January asked foreign gold buyers to stop doing business with the Venezuelan government. This prompted Venezuela to cancel a planned sale of 29 tonnes of gold to the United Arab Emirates.
Earlier this year, Abu Dhabi investment firm Noor Capital said it bought 3 tonnes of gold from Venezuela on Jan. 21, but would not buy more until the situation in the country stabilized.
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