Last shipment of gold reserves to arrive in Venezuela on Monday

Twenty-three tons of gold are expected to arrive on Monday afternoon in Venezuela. The gold reserves were repatriated by the Venezuelan government, as instructed by President Hugo Chávez in September 2011

The last shipment of Venezuelan gold reserves, which were held in foreign banks, is due to arrive on Monday afternoon. The repatriation of Venezuelan gold began on November 25, after President Hugo Chávez instructed the Central Bank of Venezuela (BCV) to repatriate gold reserves.

The 23 tons of gold are expected to arrive on Monday afternoon.

When the first shipment of gold arrived, BCV president Nelson Merentes said that Venezuela decided to bring back the gold for sovereignty reasons and for financial prudence in view of the global financial crisis.

Venezuelan gold reserves amount to 372.53 tons, and 59% out of the total were sent abroad between 1986 and 1992.

Tags: Venezuela gold reserves

Posted by admin on Jan 31 2012. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry