CARACAS (Commodity Online): Venezuela has fully repatriated 160 tonnes of its gold bars from abroad. Venezuela is the 15th largest holder of gold reserves in the world, as per the latest World Gold Council report.
“In two months, we’ve brought 160 tons of gold valued at around $9 billion back to Venezuela. Today marks the last day of the mission”, Central bank president Nelson Merentes was quoted by the state television as saying. “This was the largest type of operation to transport this type of metal in the last fifteen years. The repatriation of our gold was an act of financial prudence and sovereignty” he added.
Venezuela will leave about 50 tonnes of gold outside the country for the purpose of financial transactions
In August, President Hugo Chavez had ordered his country's central bank to bring back all the gold held abroad since he believed that holding gold in other countries could be risky in these times of financial uncertainty.
