Maduro Sold 40% of Venezuela's Gold Last Year Amid Cash Crunch
- The 73 tons went to two firms in the UAE, one based in Turkey
- Opposition says Maduro’s allies are trying to ransack country
Maduro speaks as he touches a stack of 12-kilogram gold ingots in Caracas.
Photographer: Carlos Becerra/BloombergThis article is for subscribers only.
President Nicolas Maduro blew through more than 40 percent of Venezuela’s gold reserves last year in a desperate bid to fund government programs and pay millions to bondholders.
The government sold a total of 73 tons of gold to two firms in the United Arab Emirates and another in Turkey, opposition lawmaker Carlos Paparoni told reporters in Caracas on Wednesday. That drained reserves to about 110 tons at the end of last year from 184 tons, according to a person with knowledge of the situation, who corroborated Paparoni’s data.