Central Banking

Venezuela begins gold repatriation

gold1

Friday saw the arrival of the first shipment of Venezuela's repatriated gold in the country.

President Hugo Chavez announced in August that he planned to bring almost all of Venezuela's gold holdings back to country to be stored in the central bank's vaults. A total of 160 tonnes worth more than $11 billion is expected to be repatriated.

The operation to move the gold from storage in Europe where it has been kept since the 1980s, came about due to uncertain economic conditions in the region, a

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