Venezuela’s gold reserves have plunged to their lowest level on record after it sold $1.7 billion of the precious metal in the first quarter of the year to repay debts, reports FT.
The country’s gold reserves have dropped almost a third over the past year and it sold over 40 tons in February and March, according to IMF data.
Venezuela began selling its gold reserves in March 2015, according to IMF data. At roughly 367 tons, Venezuela had the world's 16th-biggest gold reserves, according to the World Gold Council. In contrast, China and Russia both added to their gold holdings this year, the data show.
The Venezuelan economy has been in freefall as a result of its socialist policies that have suffocated market activity and mad money printing going on by the Venezuelan central bank.