Arab Today, arab today venezuela repatriates gold stocks
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Venezuela repatriates gold stocks

Arab Today, arab today

Arab Today, arab today Venezuela repatriates gold stocks

Caracas - Arabstoday

Venezuela has received its first shipment of gold bars, after President Hugo Chavez ordered the repatriation of 85% of the country\'s bullion reserves.The gold was unloaded from a plane and taken under heavy guard to the Central Bank in the capital, Caracas.President Chavez has explained the move as an act of sovereignty that will protect Venezuela\'s reserves from global economic turbulence.However critics say it is expensive and unnecessary.Venezuela plans to bring home around 160 tonnes of gold, worth more than $11bn (£7bn).\"The gold is returning to where it was always meant to be: the vaults of the Central Bank of Venezuela,\" Mr Chavez said.Hundreds of troops lined the route to Caracas as a convoy of armoured security trucks escorted by military vehicles carried the bullion to the bank.Officials said the gold had come from European countries but did not say how much was in the first shipment, citing security concerns.Central Bank chief Nelson Merentes said the return of the gold to Venezuela was a \"historic act\".\"It has historic value, it has symbolic value, and it has financial value,\" he said.\"The country\'s finances will be backed by autonomous wealth, so we are not subject to pressure from anyone.\"Opposition groups have criticised the move as a populist measure aimed at boosting Mr Chavez\'s popularity ahead of next October\'s presidential elections, when he is seeking another term in office.Some critics have suggested that Mr Chavez is acting out of fears Venezuela\'s overseas assets could one day be frozen by sanctions, as happened to his friend and ally, the late Libyan leader Col Muammar Gaddafi.Most of Venezuela\'s foreign gold reserves are held in London.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today venezuela repatriates gold stocks Arab Today, arab today venezuela repatriates gold stocks

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today venezuela repatriates gold stocks Arab Today, arab today venezuela repatriates gold stocks

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday