The country's reserves fell to a 29-year low of $ 7.9 billion, according to data provided by the Venezuelan monetary authority.
According to sources, on May 10, about 9.7 tons of gold were sold in the country, and on May 14 - another 4 tons. It should be noted that since the beginning of April this year, almost 23 tons of gold have been sold in the country. Gold reserves in Venezuela in the first quarter of this year did not change and amounted to 161.20 tons. An analysis of gold reserves in the country shows that reserves reached a record low of 150 tons in the second quarter of 2018.
The sale of gold takes place at the height of the sanctions imposed by the US Treasury to freeze the assets of the current Venezuelan administration. Reportedly, most of the sales come from firms in the United Arab Emirates and Turkey. It should be noted that the Bank of England, which owns gold reserves of the country in the amount of 1.2 billion dollars, has blocked repeated attempts to withdraw funds from the country. By the way, gold makes up the bulk of Venezuela’s total reserves.
In a desperate attempt to finance state programs and make payments to bondholders, President Nicolas Maduro sold over 40% of the country's gold reserves in 2018. The government sold a total of 73 tons of gold to two firms (Noor Capital and Goetz Gold). ) in the United Arab Emirates and another (Sardes Kiymetli Madenler SA) in Turkey.
