Venezuela’s Chavez orders diversification of reserves

gold-mine

Venezuelan president Hugo Chavez has sparked controversy by announcing the repatriation of the nation's gold reserves, and hinting at the nationalisation of the gold mining industry in Venezuela.

The Venezuelan Planning and Finance Ministry on Wednesday said the country holds $29 billion worth of reserves, with 80% in gold. How much of this is currently in foreign banks, was not made clear, but it is widely reported that Venezuela holds $11 billion worth of gold reserves in foreign banks.

Chavez

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