LatinNews Regional Monitor: Andean Group - 14 February 2020

* Venezuela’s central bank (BCV) has announced that the country’s gold reserves fell by 15.52% in 2019, from US$5.67bn down to US$4.79bn. This is part of an ongoing trend, with reserves having declined from US$13.23bn at the end of 2009. International economic sanctions and decreased productivity have undermined the domestic oil sector, upon which the Venezuelan economy depends, and has forced the de facto government led by Nicolá Maduro to finance itself by selling off its gold reserves. Turkey, Uganda, and the United Arab Emirates are known buyers, but Swiss broadcaster Radio Télévision Suisse alleged on 13 February that Venezuelan gold is also sold in Switzerland, despite pressure from the Venezuelan opposition for tighter sanctions.

End of preview - This article contains approximately 123 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial