Wednesday, August 17, 2011

Venezuela To Move Reserve Funds Out Of European Banks

Venezuela: State Reserve Funds To Be Moved
August 16, 2011
Venezuela plans to transfer $6.3 billion in cash reserves from European banks, including the Bank for International Settlements in Basel, Switzerland and Barclays Bank in London, to unnamed Russian, Chinese and Brazilian banks, according to recently reviewed documents, The Wall Street Journal reported Aug. 17. Caracas also plans to move 211 tons of gold, valued at $11 billion, from vaults abroad to the vaults of the Venezuelan Central Bank in Caracas. A source close to the matter said Caracas recently requested that the Bank of England transfer the 99 tons of gold Venezuela holds to back to the South American country.