Venezuela to sell certificates backed by gold ingots to pensioners as inflation surges
President Nicolas Maduro said Venezuela
will begin to sell certificates backed by gold ingots as a savings mechanism
starting next month, as per Bloomberg. The certificates, backed by 1.5g and
2.5g of gold, are meant as tools for pensioners and others to save money and
use as credit lines to acquire cars and other items, Maduro said in a televised
address. The gold is meant as a more stable way for Venezuelans to hold their
diminishing funds as inflation in the socialist nation runs at over 100,000%. More…
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