Venezuela's economy has been devastated by the drop in oil
prices which came on the back of years of financial mismanagement by the
quasi-socialist government of the Latin American nation. The next two months is
crunch time for Venezuela with more than $5 billion in maturing debt and
interest payments due before the end of the year. Venezuela's foreign exchange
reserves are at a 12-year low as hard currency becomes scarcer and shortages of
basic goods stirs up anger inside the country. While its reserves total
$15.35bn, less than $500 million are "liquid reserves" says a new
note by Barclays reported by the FT "with the remainder in gold and
borrowings from the IMF. All of which means Venezuela could find itself in a
$10bn hole this quarter." Venezuela has the world's 16th largest hoard of
gold. At 361 tonnes as of the start of October the bullion represents 67.3% of
the country's reserves. More… 
Thursday, October 22, 2015
Venezuela ready to dump 80 tonnes of gold
Venezuela's economy has been devastated by the drop in oil
prices which came on the back of years of financial mismanagement by the
quasi-socialist government of the Latin American nation. The next two months is
crunch time for Venezuela with more than $5 billion in maturing debt and
interest payments due before the end of the year. Venezuela's foreign exchange
reserves are at a 12-year low as hard currency becomes scarcer and shortages of
basic goods stirs up anger inside the country. While its reserves total
$15.35bn, less than $500 million are "liquid reserves" says a new
note by Barclays reported by the FT "with the remainder in gold and
borrowings from the IMF. All of which means Venezuela could find itself in a
$10bn hole this quarter." Venezuela has the world's 16th largest hoard of
gold. At 361 tonnes as of the start of October the bullion represents 67.3% of
the country's reserves. More… 
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