Tuesday, August 16, 2011

Venezuela's international reserves on the move

Venezuela May Move Cash, Gold From U.S.

  • ShareVenezuela may transfer billions of dollars in cash and gold reserves held in U.S. and European banks to financial institutions in “allied” countries, opposition lawmaker Julio Montoya said today.
Montoya, speaking on the Globovision network from the National Assembly, said the Finance Ministry wants to transfer more than $6 billion of cash reserves to countries including China, Russia and Brazil. Of Venezuela’s $18 billion in gold reserves, $11 billion is held abroad and could be transported back to Venezuela, Montoya said, citing a document he said he obtained from the ministry.
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Comment: Capital flight used to be in the South-North direction, now it is the other way around. Things have changed.

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