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Venezuela gold reserve value falls 14% in 2017

16th March 2018

By: Reuters

  

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CARACAS – Gold held by Venezuela's central bank fell 14% in value in 2017 compared with the previous year, according to the bank's financial statement.

Gold represents just under 70% of the bank's international reserves, which at the end of 2017 totaled $9.67-billion.

The value of Venezuela's monetary gold stood at $6.63-billion as of December 2017, according to the most recent official information.

The fall comes amid a major economic crisis in Venezuela, with millions suffering food shortages and the government struggling to import basic products.

The central bank valued its reserves at $1 272.42/oz at the end of 2016 and $1 271.03/oz at the end of last year.

The volume of gold fell 16% to 5.2 -million troy ounces at the end of 2017.

In 2014, the central bank began swapping monetary gold in order to obtain liquidity with which to curb a sharp economic crisis. In October, Venezuela allowed a $1.7-billion gold swap with Germany's Deutsche Bank to lapse, according to an opposition legislator.

Edited by Creamer Media Reporter

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