Venezuela's gold reserves fell by 7 tonnes last year to a 50-year low, according to financial statements released by the Venezuelan central bank on Tuesday. The number of gold bars in the Caracas vault of Venezuela's central bank fell to 79 tons from 86 tons at the end of 2020.
The authorities have not yet provided the specific use of gold, which has been used to support national finances in the past during long-term economic and social crises.
As gold prices fell, Venezuela's foreign exchange reserves were worth $4.56 billion as of December, down $493 million from the end of 2020.
It is estimated that the average price of gold will be $1799.48 per troy ounce in 2021 and $1833.76 per troy ounce in 2020.
For decades, the Venezuelan central bank held more than 300 tons of gold and equivalents, but between 2015 and 2017, the government began using the precious metal as collateral for loans to international banks. Falling oil production and U. S. sanctions have hampered crude oil exports, leading President Nicolas Maduro to use gold as a source of funding.
The opposition claimed in March last year that the government shipped gold to Mali via Russian-owned aircraft and resold it mainly in the United Arab Emirates in exchange for euros and dollars.
