The Venezuelan Government moves to nationalise its gold mining and bring its overseas gold back home

18.08.2011 - Caracas - Agencia Púlsar

Venezuelan gold reserves deposited overseas are calculated to be worth around 11 billion dollars.

Rafael Ramirez, also president of Petroleos de Venezuela said that, *“there is no better place than the vaults of the Central Bank of Venezuela,”* to keep the gold.

The Venezuelan government also announced that it plans to approve a law to take control over the gold mining industry.

Ramirez explained that, *“for the first time the Venezuelan State is going to enter decisively into control of a sector that is totally out of control.”*

He said that the measure also seeks to ensure that the profits of gold mining remain in “Central Bank reserves”. He added that this would guarantee that the State has the monopoly over the commercialisation of the resource. (PÚLSAR)

Categories: Economics, South America

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