Venezuela – Repatriation of gold: timely, correct measure

Caracas, 22 Ago. AVN .- National Assembly lawmaker, Luis Acuña, emphasized this Monday that the decision made by the Government on repatriation of gold reserves, estimated in about 11 billion dollars, “has been a timely and correct measure.”

In a TV show, Acuña explained that the physic gold reserves, ingots, will be safeguarded by the Venezuelan Central Bank. On the other hand, the value of the reserves deposited in foreign banks, known as monetary gold, will be moved to more solid and growing economies to protect Venezuela”s resources from the world crisis of capitalism.

“These measures were very accurate, very important and most of all adopted really in time. Venezuela is just looking to place [its resources] in banks within solid economies, guaranteeing lower risks,” he underscored.

Acuña, who is the president of the Permanent Committee on Energy and Oil, highlighted that the Bolivarian Government has invested national reserves to improve citizens” quality of life through educative, health and infrastructure policies, among other.

“Reserves are seen today [by the Government] from a different point of view. That is to say, from health, economy, infrastructure and education for Venezuelans, not to be kept in gold in foreign countries,” he pointed out.

Acuña underscored that governments in the past used international reserves as a guarantee to request credits to foreign banks. In contrast, country”s resources are currently being destined to domestic development.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s