Central Bank of Venezuela to buy country's entire gold production

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The Central Bank of Venezuela is teaming up with Petroleos de Venezuela (PDVSA), the state-owned oil company, in a bid to "regularise" the production, sales and purchases of gold in the country, Venezuela's vice-president and economy minister, Rafael Ramírez, said on Monday.

The central bank will purchase all the gold mined in the country in a bid by to curb smuggling, according to Caracas-based El Universal.

In a statement on its website, PDVSA said it will have a majority stake in the $40 bill

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