Venezuela central bank gold reserves fell 11.5% in 2023

CARACAS Feb 2 (Reuters) – Venezuela’s central bank gold reserves dropped 11.5% in 2023 from the year before to stand at 61 metric tons, according to a statement from the institution published on Friday.

The value of gold reserves at the end of December hit $3.8 billion, $71 million less than the year before.

The central bank did not detail the reasons for the drop in the statement and did not reply to a request for comment.

The average gold price estimated by the Venezuelan issuer in its balance sheet for the second half of 2023 was $1,959.62 per troy ounce. The average value was $1,775.02 per troy ounce the year before.

For decades, the central bank’s gold bar reserves exceeded 300 tons. It changed in 2015, when authorities used the bullion as collateral in loans with foreign banks to guarantee liquidity.

The drop in Venezuela’s oil production and the effects of U.S. economic sanctions have pushed the government to sell more gold, according to analysts.

(Report by Mayela Armas and Deisy Buitrago; Editing by Mark Porter)

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