Central Bank of Venezuela sent 456 million dollars in gold to Switzerland to recover cash – Venevision

Date 26/03/2016 12:04:00 pm Venezuela exported about 443 million Swiss francs (456 million dollars) of gold in February, according to customs data Switzerland.

data from custom Switzerland did not detail whether the mineral would be used to conduct financial transactions, but Nelson Merentes, president of the Central Bank of Venezuela (BCV) said last month that were underway swaps for cash amid the steep decline in oil revenues.

“This swap is normal (…) we decided to make the directory to search liquidity swap ” he said at that time the president of the BCV, adding that have agreed to such contracts “ many banks “, without

giving further details.

Venezuela is using its gold reserves to counter the drop in income for the low price of oil, its main export, and to fulfill its international commitments.

with information from the World Economy and Business