REPORT: Venezuela’s Maduro to sell gold reserves to prop up regime

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Venezuelan President Nicolás Maduro is preparing to sell a large portion of his country’s gold reserves for cash in a desperate attempt to keep his failing regime solvent, according to a report.

Fifteen tons of high-quality gold were to be sold to the United Arab Emirates in coming days in return for euros as part of a deal to sell a total of 29 tons to the UAE, a senior official in Caracas told Reuters.

The article goes on to state the following:

This year’s sale of gold reserves that back the bolivar currency began with a shipment on Jan. 26 of 3 tons and follows the export last year of $900 million of mostly unrefined gold to Turkey, said the official, who requested anonymity.

Venezuela had reserves of 132 tons between the central bank’s vaults and the Bank of England at the end of November, according to central bank data.

The hard-left dictator resorted to selling off gold after falling oil production, the country’s wider economic collapse and mounting US sanctions hit public income and made it difficult for the country to access credit.

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