Venezuela’s gold reserves fall to the lowest level in 50 years

The balance of the first half of the Central Bank of Venezuela, states that the gold reserves of the Central Bank of Venezuela have decreased by 6 tons in June 2022.

The report said that the central bank’s gold reserves in the first half of the year were 73 tons, the lowest level in 50 years. In the second half of 2021, the central bank’s gold reserves were 79 tons.

The value of gold reserves amounted to $4.329 billion in June this year, a decrease of $231 million from Dec. 2021, which was worth $4.56 billion.

Last July, England’s Supreme Court rejected an attempt by Venezuelan President Nicolas Maduro’s government to gain control of more than $1 billion worth of Venezuelan gold reserves stored in the Bank of England vault.

More than 300 tons of gold bullion from the Venezuelan Central Bank were kept for decades until 2015-2017 when the authorities announced that they would use the gold bullion as collateral for loans with foreign banks to increase liquidity.

The Venezuelan government needs to use gold as one of its sources of revenue to cope with reduced oil production and the impact of U.S. sanctions on crude oil sales.

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