Monday, 12/11/2018 05:00 (GMT + 7)
The Venezuelan government demands the recovery of 15 tons of gold held in the vaults of a British bank and costing over $ 500 million.
The deepening economic crisis in Venezuela has prompted the country's government to urgently seek the return of $ 500 million in gold reserves. It seems that this move has been affected by the recently announced US policy that caused President Nicolas Maduro to be difficult to make loans on international markets. The Trump administration issued a sanction last Thursday that denies US citizens to deal with any person involved in the sale of "corrupt or fraudulent" gold from Venezuela.
The Venezuelan authorities turned and exchanged with the Bank of England for the withdrawal of some 15 tons of precious metals held in the country. With emerging markets like Venezuela, gold reserves in the central bank of more developed countries have become a safe haven from an economic point of view.
Venezuela wants to repatriate $ 550 million from the Bank of England
Recovery of gold was planned by the government for nearly two months, but it was difficult to move and order insurance for such a large shipment. In addition, the Bank of England seeks to clarify the use of this country with this amount of gold. However, the Venezuelan central bank and the Bank of England have refused to comment.
Venezuela has become a big gold seller in the world in recent years. Only Venezuela has Venezuela sold more than 26 tons of gold worth almost 900 million dollars this year.
But over the last four years, the gold reserves of the Venezuelan population have fallen from a record 400 tons to about 175 tons. Venezuela sold a large amount of gold reserves under President Hugo Chavez and tried to address the economic crisis that is causing problems for the country. The bullying of commodities has left many Venezuelans who can not afford everyday living. Poverty and violence spread across the country.
The July International Monetary Fund report said Venezuelan inflation would reach a huge 1,000,000 people.
It looks like a myth, but it's a real story that saves the inflation situation in this country.