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For decades the BCV's gold bars exceeded 300 tons, but in the period from 2015 to 2017 the country's authorities used them as collateral in loans with foreign banks to have liquidity.
For decades, the BCV's gold bars exceeded 300 tons, but from 2015 to 2017 the country's authorities used them as collateral in loans with foreign banks to have liquidity.

Venezuela's gold reserves fell six tons in first half of 2022

According to the financial statements of the Central Bank of Venezuela (BCV), the authority recorded its lowest level of gold in the last 50 years.

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Today, there are a total of just 73 tons of gold in Venezuela's coffers, when in the second half of 2021, its Central Bank had 79 tons.

In June of this year, the value of the reserves was $4.3 billion, or $231 million less than December 2021, when they were valued at $4.5 billion. However, the Central Bank did not detail the reasons for the drop in its assets.

In its first half-year balance, the price of the other estimated by the Venezuelan issuer was $1,847.48 per troy ounce and in the second half of 2021 the average value was $1,799.48.

Last July, the Supreme Court of the United Kingdom rejected the effort of the Government of President Nicolás Maduro with the control of more than $1 billion in gold reserves of the country, which are in the vaults of the Bank of England.

For decades, the Central Bank's gold bars exceeded 300 tons, but in the period from 2015 to 2017, the country's authorities used them as collateral in loans with foreign banks to have liquidity. Part of the gold was recovered and part was lost in swaps.

It's is a result of facing the financial needs resulting from the drop in oil production and the impact of U.S. sanctions on the commercialization of crude oil. That is why, opponents decry that in two years, some 30 tons of gold left the vaults in exchange for foreign currency in cash.

On July 18, after a four-day trial, Judge Sara Cockerill ruled in favor of interim president Juan Guaidó because the U.K. only recognizes him, and not Maduro, as the head of Venezuela, to access the reserves. However, she has not authorized the opposition team for access. Another hearing will determine that outcome.

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