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Thu Dec 6, 2018, 09:36 AM

Venezuela officials seek meeting with Bank of England over gold repatriation: sources

Source: Reuters

BUSINESS NEWS DECEMBER 6, 2018 / 8:53 AM / UPDATED 43 MINUTES AGO

Venezuela officials seek meeting with Bank of England over gold repatriation: sources

Mayela Armas
4 MIN READ

CARACAS (Reuters) - Two high-ranking Venezuelan officials are traveling to London with plans to meet with the Bank of England over the repatriation of $550 million in gold held in the bank’s coffers, according to two sources with knowledge of the situation.

The government of President Nicolas Maduro is seeking to bring 14 tonnes of gold back to Venezuela because of fears it could be caught up in international sanctions on the country, sources told Reuters this month.

The gold is a crucial asset for the struggling OPEC nation, where hyperinflation is expected to reach 1 million percent this year and a broad economic collapse has fueled an exodus of some 3 million people since 2015.

Maduro’s critics, including exiled opposition leader Julio Borges, have argued that the gold should not be repatriated because it could be used to finance corruption.

Finance Minister Simon Zerpa, who is under sanction by the United States over corruption concerns, and Central Bank Chief Calixto Ortega plan to discuss the issue with Bank of England officials on Friday, said the sources, who asked not to be identified.

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Read more: https://www.reuters.com/article/us-venezuela-gold/venezuela-officials-seek-meeting-with-bank-of-england-over-gold-repatriation-sources-idUSKBN1O51II

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Reply Venezuela officials seek meeting with Bank of England over gold repatriation: sources (Original post)
Eugene Thursday OP
COLGATE4 Thursday #1
GatoGordo Thursday #2

Response to Eugene (Original post)

Thu Dec 6, 2018, 11:04 AM

1. Brilliant! Now Maduro and his fellow members

of Venezuela's kleptocracy can now piss away the country's gold reserves like they have everything else of value in Venezuela.

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Response to Eugene (Original post)

Thu Dec 6, 2018, 09:24 PM

2. Earlier this year, they cleared out the vaults of the BCV

And loaded up a plane bound for Switzerland in 2016

https://www.bullionstar.com/blogs/ronan-manly/venezuela-exported-12-5-tonnes-of-gold-to-switzerland-on-8-march-2016-via-paris/

Let us not forget that Chavismo is "less than transparent" about these things. (Actually, they deny that any gold has ever left Venezuela.)

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