Venezuela May Move Cash, Gold From U.S.
By Daniel Cancel and Corina Rodriguez Pons - Aug 16, 2011 6:05 PM GMT-0300
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.
Comment: Capital flight used to be in the South-North direction, now it is the other way around. Things have changed.