July 24, 2021

The value of Venezuela’s gold reserves fell by 15.52% in 2019

The value of the gold reserves of the Central Bank of Venezuela (BCV) decreased by 15.53% in 12 months, from 5,669 million dollars in 2018 to 4,789.21 million at the end of last year, according to the notes the financial statements published this Thursday by the issuer.

“As of December 31, 2019, the existence of monetary gold is accounted for at an average price of $ 1,422.43 per troy ounce and totals 219,154,909,173,000 bolivars, equivalent to $ 4,789,212,000,” the BCV says.

In one year, Venezuela lost 879.85 million dollars in the value of its gold reserves.

The trend of recent years is repeated, as the financial statements of the BCV have realized the gradual decrease in the volume of their gold reserves.

By the end of 2009, Venezuela had 5,801 million dollars in gold only in the vaults of the Central Bank in Caracas and another 7,495 million dollars in custody in banks outside the country.

In total, the savings of the Caribbean country in that metal totaled the equivalent of 13.297 million dollars a decade ago.

According to the financial balance sheet notes, the BCV recorded 945.37 million dollars in currencies available for December 2019, which were “deposited in their vaults and in sight in foreign financial institutions”.

The amount represents a fall of 57.72% compared to the availability in currencies at the end of 2018 (2,236 million dollars).

On the other hand, Venezuela’s international reserves closed December at 7.465 million dollars and in recent years have been weighed down by the fall in oil production and the contraction of the country’s productive apparatus, which in a five-year period has been reduced by more than fifty %.

The amount of international reserves includes monetary gold, investments and availability in foreign currencies of the Caribbean country.

Following the sanctions imposed by the United States and other countries, the Government of Venezuela has lost access to international financial markets.


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