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Maduro planning to swap Venezuela’s gold for dollars

April 19th, 2017
Categories: News

Link: http://www.hangthebankers.com/maduro-swap-venezuela-gold-dollars/

Instead of selling the gold outright, a move which would have been met with a firestorm of protests from political opponents and allies alike, Maduro merely leased it to Citi instead. Specifically, Venezuela provided 1.4 million troy ounces of gold to Citi in exchange for cash. And while Venezuela would have to pay interest on the funds, it got the key benefit of being able to maintain the gold as part of its foreign currency reserves..

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