Daily Management Review

Venezuela to partly sell its gold reserve to UAE


02/01/2019


Venezuela will sell 15 tons of gold from the country's central bank vaults to the United Arab Emirates (UAE) in the coming days for euro cash, a senior official



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According to the official, the sale of gold reserves this year began with the shipment of 3 tons of gold on 26 January.

A plane with 3 tons of gold on January 26 left Venezuela and went to the United Arab Emirates. The gold was delivered a small Venezuelan cargo carrier Solar Cargo.

The same airline will be used to ship 15 tons on Friday and 11 tons in February. Buyers in the United Arab Emirates pay Venezuela in cash in euro for gold, the source said, but did not mention which companies were involved in the deals.

The central bank of Venezuela informed private banks this week that payments to private importers will be held in euro.

Last year, Venezuela sold unrefined mining gold to Turkey for $ 900 million.

By February, Venezuela plans to sell in the UAE about 29 tons of gold from reserves in the country to ensure liquidity of imports of basic goods.

US Republican Senator Marco Rubio on Thursday warned the UAE embassy in Washington that anyone carrying Venezuelan gold would be subject to US sanctions.

According to the country's central bank at the end of November 2018, Venezuela had 132 tons of gold reserves, which were in the central bank of the country and in the vaults of the Bank of England.

Government Maduro resorted to the sale of gold about a year ago, after reducing oil production and the crisis in the country. In January, the United States blocked Venezuela’s export revenues and complicated the country's access to foreign loans.

Venezuela in 2011, by order of President Chavez, transported about 160 tons of gold to the central bank of the country, which was stored in banks in the United States and Europe.

In January 2018, the Central Bank of Venezuela kept 150 tons of gold in its possession, but by November its reserves had fallen to a 75-year minimum of 132 tons.

Calixto Ortega, President of the Central Bank of Venezuela, met with officials from the Bank of England in December 2018 to discuss return of Venezuelan gold from the UK, but could not convince them, according to sources familiar with the situation.

source: reuters.com






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