The Wall Street Journal reports that Venezuela plans to transfer billions of dollars in cash reserves from abroad to banks in Russia, China, and Brazil and tons of gold from European banks to its central bank vaults.
The planned moves would include transferring $6.3 billion in cash reserves, most of which Venezuela now keeps in banks such as the Bank for International Settlements in Basel, Switzerland, and Barclays Bank in London to unnamed Russian, Chinese, and Brazilian banks.
Venezuela also plans to move 211 tons of gold it keeps abroad and values at $11 billion to the vaults of the Venezuelan Central Bank in Caracas, where the government keeps its remaining 154 tons of bullion, the document says.
You can read the Journal’s article here, and check Venezuela’s declared official Gold reserves here
