Skip to content
Subscriber Only

Venezuela Stepping Up Gold Selling as Petrodollars Dry Up

  • IMF figures show country’s holdings fell in February, March
  • President Maduro battling inflation, recession, shortages
Updated on

Venezuela has ratcheted up efforts to sell off its gold holdings and raise the cash needed to fund imports and pay back debts after the collapse in oil throttled the economy.

The country cut its gold reserves by 16 percent in the first quarter, following a 24 percent reduction in 2015, according to data from the International Monetary Fund. The 1.38-million ounce reduction was the largest by any central bank since Switzerland sold 3.2 million ounces in the third quarter of 2007, and coincided with continued increases in gold reserves in mainland China.