Citi May Liquidate Over $1 Billion In Venezuela Gold Within Weeks | WHAT REALLY HAPPENED


Citi May Liquidate Over $1 Billion In Venezuela Gold Within Weeks

Back in April 2015, when Venezuela still had a somewhat functioning economy and hyperinflation was not yet rampant, the cash-strapped country quietly conducted a little-noticed gold-for-cash swap with Citigroup as part of which president Nicolas Maduro converted part of his nation's gold reserves into at least $1 billion in cash through a swap with Citibank.

As Reuters reported then, the deal would make more foreign currency available to President Nicolas Maduro's socialist government as the OPEC nation struggled with soaring consumer prices, chronic shortages and a shrinking economy worsened by low oil prices.

As Reuters further added: "former central bank director Jose Guerra and economist Asdrubal Oliveros of Caracas-based consultancy Ecoanalitica said in separate interviews that the operation had been carried out. A source at the central bank told Reuters last month it would provide 1.4 million troy ounces of gold in exchange for cash. Venezuela would have to pay interest on the funds, but the bank would most likely be able to maintain the gold as part of its foreign currency reserves."

Needless to say, the socialist country's economic situation is orders of magnitude worse now, and in addition to a full-blown blockade of the country's only key export, petroleum, the president has a simmering, US-backed coup to contend with as well.

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