Venezuela sold about $570-million in gold from central bank reserves over the past two weeks, skirting US Treasury sanctions designed to freeze assets of the Nicolas Maduro’s administration, according to people with knowledge of the matter.
The central bank sold about 9.7 t of gold on May 10 and an additional 4 t three days after, the people said, driving its reserves down to a 29-year low of $7.9-billion. The proceeds will be partly used to fund imports through the country’s foreign trade office, according to one of the people.