Central Bank of Ecuador deposits half its gold with Goldman Sachs
Deal sees the bank swap half-a-million ounces of bullion for liquidity
The Central Bank of Ecuador (CBE) has cut a deal with Goldman Sachs that will see it deposit more than half its gold reserve with the US bank in exchange for liquid funds over a three-year period.
The CBE said in a statement that it had swapped 466,000 ounces of gold, worth roughly $580 billion at current prices, for "high security instruments and liquidity". The bank expects to profit between $16 million and $20 million from the deal, it said, but failed to specify how or whether that was over
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