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Gold reserves at Venezuelan central monetary institution down to fresh 50-yr low


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Financial system3 hours within the past (Feb 15, 2022 05: 16PM ET)

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© Reuters. FILE PHOTO: A employee works internal Simon Bolivar gold mine, legally developed by the company Rusoro Mining in El Callao within the southern Bolivar Direct July 14, 2010. Image taken July 14, 2010. REUTERS/Carlos Garcia Rawlins

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By Mayela Armas

CARACAS (Reuters) – The Venezuelan central monetary institution’s gold reserves dropped seven tonnes final yr to a fresh 50-yr low, in accordance with monetary statements published by the monetary institution on Tuesday.

The amount of gold bars at the monetary institution’s vaults in Caracas fell to a similar of 79 tonnes, down from 86 tonnes identical at the pause of 2020.

Authorities believe now now not supplied tiny print on the destination of the gold, which has been feeble within the previous to shore up nationwide funds amid a prolonged financial and social crisis.

The value of the reserves by December final yr became once $4.56 billion, $493 million lower than at the end of 2020, amid a plunge in prices for gold.

The neatly-liked impress for gold, in accordance with estimates by the monetary institution, became once $1,799.48 dollars per troy ounce in 2021, when in contrast with $1,833.76 per troy ounce in 2020.

The monetary institution for an extended time held more than 300 tonnes identical of gold, nonetheless between 2015 and 2017 the manager began the utilization of the treasured metal as a collateral for loans with international banks.

A plunge in oil manufacturing and United States sanctions, which believe stymied grisly exports, believe led the manager of President Nicolas Maduro to make employ of the gold as a funding supply.

The opposition alleged in March final yr that the manager sent gold to Mali on Russian-owned planes and that it became once resold essentially within the United Arab Emirates in exchange for euros and U.S. dollars.

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