Loading prices...

Register/Sign in
ScrapMonster
Are ads getting in your way? Register for Ad-free pages and live data.
Get an instant offer on your damaged car
Gold March 05, 2021 01:45:14 PM

Venezuela Turned to Sale of Monetary Gold as its Main Source of Income

Paul Ploumis
ScrapMonster Author
The gold sales flourished during the past year, with the country’s central bank reserves hitting the lowest level in 50 years.
Venezuela Turned to Sale of Monetary Gold as its Main Source of Income

SEATTLE (Scrap Monster): The Nicolas Maduro-led Venezuelan government turned to sale of monetary gold as its main source of income, following the sanctions imposed on the state oil company. The gold sales flourished during the past year, with the country’s central bank reserves hitting the lowest level in 50 years.

The opposition party leader Juan Guaido, who supports the U.S., accused that the Venezuelan administration has sold gold holdings worth nearly $1 billion in euros. The gold was transported to Mali using Russian-owned planes, where they were refined and resold in the United Arab Emirates (UAE).

ALSO READ: Court Overturns Ruling on Venezuelan Gold in the Bank of England Vaults

Earlier in 2019, Noor Capital- a UAE-based company had announced that it had purchased nearly three tonnes of gold from Venezuela’s central bank, in line with the prevailing international standards and laws in place. At that time, it had clarified that it would refrain from further gold transactions with the country. However, Guaido alleged that the same company has helped Venezuela sell its gold in 2020 as well.

Meantime, the U.S. States Department spokesperson noted that ever since 2016, Maduro has actively encouraged, supported, and facilitated the illegal mining, distribution, and sale of gold.

Are ads getting in your way? Register for Ad-free pages and live data.

How to Recycle

Proper Disposal of Alkaline Batteries

Proper Disposal of Alkaline Batteries

Improper disposal of alkaline batteries can result in various negative consequences. Explore our blog post to discover safe disposal methods.
Christmas Tree Recycling - Responsible Ways

Christmas Tree Recycling - Responsible Ways

Proper preparation and using a reliable Christmas tree recycling directory ensures responsible disposal and maximizes the benefits.
Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop throwing away LED light bulbs and dispose of them responsibly. Proper disposal ensures environmental safety and sustainability.
powered by RecyclingMonster
Are ads getting in your way? Register for Ad-free pages and live data.
×

Quick Search

Advanced Search