Venezuela sold gold last year due to a severe shortage of U.S. dollars
Data from the Venezuelan Central Bank’s website shows that the bank sold nearly 6 tons of gold in the second half of last year, as the country faced a severe shortage of U.S. dollars due to U.S. restrictions on its oil exports. According to estimates by Caracas-based consulting firm Sintesis Financiera, these transactions took place primarily in December. Donald Trump The U.S. government tightened restrictions on Venezuelan oil exports last year and subsequently seized the first oil tanker on December 10. This cut off Venezuela’s supply of U.S. dollars, widened the gap between the official and parallel exchange rates to a record high, and increased the likelihood of hyperinflation resurfacing.However, after U.S. special forces captured Venezuelan President Maduro in January, the U.S. allowed a portion of the proceeds from Venezuelan oil sales to flow back into the country. This revitalized the official foreign exchange market and narrowed the gap with the parallel exchange rate.According to a report released Monday by Sintesis Financiera, the central bank’s financial statements indicate that it did not appear to have sold any gold in January.
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