Venezuela Seeks to Repatriate $550 Million of Gold From Britain
Exclusive: Venezuela Seeks to Repatriate $550 Million of Gold From Britain - Sources
Nov. 5, 2018, at 9:09 a.m.
BY MAYELA ARMAS
CARACAS (Reuters) - Venezuela is seeking to repatriate about $550 million in gold bars from the Bank of England because of fears it could be caught up in international sanctions on the country, two sources with direct knowledge of the effort told Reuters.
Venezuela's hard currency holdings have dwindled as existing U.S. financial sanctions have effectively blocked President Nicolas Maduro's government from borrowing on international markets.
The Trump administration on Thursday issued a new round of sanctions banning U.S. citizens from having dealings with anyone involved in "corrupt or deceptive" gold sales from Venezuela, as part of efforts to boost pressure on Maduro.
Maduro's government is seeking to bring 14 tonnes of gold held in the Bank of England back to Venezuela, according to two public officials with direct knowledge of the operation, who asked not to be identified.
The Bank of England has sought to clarify what Venezuela wants to do with the gold, one of the officials said.
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https://money.usnews.com/investing/news/articles/2018-11-05/exclusive-venezuela-seeks-to-repatriate-550-million-of-gold-from-britain-sources
Two ideas about what Maduro wants with this gold, which is very secure where it is
1. Maduro intends to buy food and medicine for his suffering people, or
2. Maduro intends to disperse the largesse among the Chavista hierarchy as their "get away" fund.
You decide....
