Citigroup will sell Venezuelan gold in compensation of outstanding loan


Citibank of the international financial conglomerate Citigroup announced its intention to sell part of the Venezuelan gold held as collateral for a loan of $1,600 million, Reuters writes, citing informed sources. On March 11, Venezuela was to repay a loan of $1 billion 100 million. The market value of Venezuela’s gold stored as guarantee is about $1 billion 358 million. By selling this gold, Citibank will be able to recover the first tranche of the loan and will deposit the rest (approximately $258 million) in a bank account in New York to pay the rest of the loan next year.

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