Economy 06-11-2018

Venezuela seeks to repatriate 550 million dollars in gold from the United Kingdom

Caracas has begun efforts to recover 14 tons of gold, valued at some 550 million dollars, which are stored in vaults of the Bank of England, reports Reuters.

According to the publication , this measure is due to the concern that the Government of Maduro generates for international economic sanctions, as well as possible embargoes of creditors.

Two months ago, the Central Bank of Venezuela (BCV) sent a notification to the Bank of England. However, Caracas has not yet received the requested part of gold, which is part of the international reserves of the Latin American country.

"Insurance is still being sought, because the costs are high," explained one of the sources quoted by Reuters.

For its part, Venezuelan economist Tamara Herrera, of the company Síntesis Financiera, told Reuters that "if the government wants to carry out some operations with the gold it intends to bring, it would have to do it with its friendly countries because of the sanctions."

Meanwhile, neither the BCV nor the Bank of England have commented on it.

According to the president of the Bolivarian Republic, Nicolás Maduro, during a working meeting with his economic cabinet, Venezuela could become the "second largest gold reserve in the world" thanks to the certification of 32 gold fields.

"Gold comes to strengthen international reserves and national finances for development," he admitted.

The US president signed a decree on November 1 imposing broad sanctions against Venezuelan gold exports.

Trump explained that his decree blocks the assets and interests of any person who operates in the gold sector of the Venezuelan economy or any other sector complicit in government corruption.

The US government assures that the imposed measure was produced in response to the efforts of the Venezuelan president's government, Nicolás Maduro, to plunder the national wealth for its own "corrupt purposes."

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