Venezuela’s Gold Reserves Rise 12%, Reserves Abroad Fall 37%

Venezuela’s central bank increased its gold reserves 12 percent in the second half of 2010 while its reserves in foreign banks fell 37 percent in the period, according to the bank’s year-end financial report published in today’s Ultimas Noticias.

The bank’s gold reserves increased to 42.4 billion bolivars ($9.86 billion) at the end of 2010 from 37.3 billion bolivars at the end of June, the bank report said. The central bank’s reserves held in foreign banks fell to 7.32 billion bolivars by year-end from 10 billion bolivars in June.

To contact the reporter on this story: Jose Orozco in Caracas at jorozco8@bloomberg.net.

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.

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