Citigroup will sell Venezuelan gold in compensation of outstanding loan

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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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