Venezuela withdrew 8 tons of gold from the central bank’s treasury last week, according to a lawmaker and government source, on Wednesday.
According to Reuters news agency, the Venezuelan government, which is suffering from a liquidity crisis, is expected to sell the yellow metal as it seeks to manage hard currency in the face of US sanctions. >
The sanctions imposed by Washington stifle the export revenues of the National Petroleum Corporation (PDVSA), increasing the shift of the isolated President Nicolas Maduro’s administration to selling the large reserves of Venezuela. Of gold as the only source of foreign currency.
The government’s source told Reuters that the central bank’s reserves had fallen 30 tons since the start of the year before US President Donald Trump tightened the sanctions, leaving about a hundred tons in the bank’s treasury, Its value exceeds four billion dollars.
At this rate of decline, the central bank’s reserves will be nearly destroyed by the end of the year, for the Maduro government to face difficulties in paying for imports of basic commodities.
Namazon Services..programmed technical analysis platform ... for Emirati, Saudi, and global markets
To more:
IMF cuts global economic growth forecasts
