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Venezuela Might Move a Part of its Monetary Reserves into Russia
17.08.2011 15:25
Venezuela Might Move a Part of its Monetary Reserves into Russia

Venezuela plans to transfer billions of dollars in cash reserves from European and U.S. banks to banks in Russia, China and Brazil. This was announced by Julio Montoya, a National Assembly deputy, in an interview with Globovision television.

“We think that China, Russia and Brazil have asked Venezuela to transfer the reserves to guarantee the loans that the government has received in recent years,” Montoya said. President Hugo Chavez has not approved the planyet.

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. 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.

Author: Irina Fomina

Tags: Russian business Russian banks Russia   

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