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Venezuelan parliamentarian and a government source said the country last week removed eight tons of gold from the central bank's treasury, which the cash-strapped Venezuelan government is expected to sell abroad in exchange for hard currency under U.S. sanctions.
U.S. sanctions cut off export earnings from Venezuela's National Petroleum Corporation (PDVSA), forcing the increasingly isolated Venezuelan President Maduro's government to sell gold reserves as one of the few sources of foreign exchange.
Government sources said Venezuela's central bank's gold reserves had been reduced by 30 tons since the beginning of the year before President Trump tightened sanctions, leaving about 100 tons of gold in its treasury, worth more than $4 billion.
At this rate of decline, the central bank's gold reserves will almost disappear by the end of the year, making it difficult for the Maduro government to pay for the import of basic commodities.


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