“Venezuela is the Latin American country with the highest exposure to gold prices, as gold bars represent 71% of the country’s reserves. The high share of gold in the Venezuelan reserves is not the result of an increase in the amount of gold bars; they remain at 11.8 million troy ounces, just like in the first half of 2007, but they gained relevance because cash reserves in US dollars plummeted to minimal levels. Over the last eight years, the BCV has transferred USD 47 billion to the National Development Fund (Fonden). This fund is the mechanism government uses to cover expenditures and investments. The operation reduced the amount of cash reserves to less than USD 2 billion.”
http://english.eluniversal.com/economia/140815/venezuelas-gold-reserves-fall-24-in-18-months
Tip Freedomwat.ch Staff with Bitcoin