Chavez repatriates Venezuela’s foreign gold reserves (Nov 2011)

Noch keine formelle Einigung ??ber Goldreserven

Source: BBC – Chavez repatriates Venezuela’s foreign gold reserves

Notable Excerpts:

Venezuela has received its first shipment of gold bars, after President Hugo Chavez ordered the repatriation of 85% of the country’s bullion reserves.

President Chavez has explained the move as an act of sovereignty that will protect Venezuela’s reserves from global economic turbulence.

However critics say it is expensive and unnecessary. Venezuela plans to bring home around 160 tonnes of gold, worth more than $11bn (£7bn).

“The gold is returning to where it was always meant to be: the vaults of the Central Bank of Venezuela,” Mr Chavez said.

Officials said the gold had come from European countries but did not say how much was in the first shipment, citing security concerns.

“Central Bank chief Nelson Merentes said the return of the gold to Venezuela was a “historic act“. “It has historic value, it has symbolic value, and it has financial value,” he said. ”

The country’s finances will be backed by autonomous wealth, so we are not subject to pressure from anyone.

Some critics have suggested that Mr Chavez is acting out of fears Venezuela’s overseas assets could one day be frozen by sanctions, as happened to his friend and ally, the late Libyan leader Col Muammar Gaddafi.


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