Venezuela's gold reserves decline 12% in 6 months 

The gold reserves held by the Central Bank of Venezuela (BCV) fell by 8 tons over the past six months, according to data released by the bank on Friday.

The BCV's gold bar availability at the end of June was equivalent to 61 tons, according to the BCV’s financial statements, compared to 69 tons in the vaults in December 2022. Last year marked the lowest level in the country’s gold reserves in over 50 years after it dropped 13% compared to 2021. 

The value of gold reserves at the end of June was $3,649 million, $261 million less than in December last year.

The central bank did not comment on the reason behind the decline of its assets. 

For decades Venezuela’s gold assets exceeded 300 tons, making it one of the countries with the largest gold reserves in the world. However, from 2015 to 2017 government authorities used the gold as collateral in loans with foreign banks to guarantee liquidity.

Part of the gold was recovered and part was lost as the South American country’s economy continued to decline.

Some of the South American country’s gold reserves have also been in dispute in London courts. Three years ago, the government of President Nicolas Maduro attempted to regain control of the reserves held in the Bank of England’s underground vaults by appealing to a court.

The BCV said it wanted to sell the gold—equivalent to 15% of the country’s golden currency reserves—to help fund the response to the coronavirus pandemic. 

In June, however, the board of the BCV lost its latest appeal for control of $1.95 billion of the country's gold reserves held in London.