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Economics
Venezuela Cash Hoard Sinks Below $1 Billion With Gold Locked Up
By and-
Total reserves at a three-decade low of just $6.61 billion
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Limited liquid reserves may bode ill for food, medical imports
Venezuela’s international reserves, already at a 30-year low, have hit a grim new milestone as cash holdings fall below $1 billion amid crippling economic sanctions.
Venezuela’s central bank now has only about $800 million left in cash and an additional $200 million of other liquid assets, according to three people with knowledge of the bank’s balance sheet. While the country holds some 73 tons of gold in local vaults, selling it has become increasingly difficult amid the U.S. efforts to cut off Nicolas Maduro’s regime from a global network of buyers, banks and middlemen.
