Maduro's Government Has Withdrawn Eight Tons of Gold from the Central Bank of Venezuela

A government source in Venezuela and a parliamentary representative have stated that Nicolás Maduro's government withdrew eight tons of gold from the Central Bank's treasury last week and intends to sell these gold bars abroad to boost the value of Venezuela's national currency against U.S. sanctions. Washington has blocked revenues from Venezuela's state oil company, and amid increasing isolation, Maduro's government is looking to sell Venezuela's gold reserves as its only source of foreign income. Reuters reported on Tuesday, April 9, citing these sources, that the gold reserves of the Central Bank of Venezuela have decreased by 30 tons since the beginning of the new calendar year and even before the intensification of U.S. sanctions, now amounting to about 100 tons, valued at four billion dollars. The report states that if the decline in the Central Bank's gold reserves continues at this rate, they will be depleted by the end of this year, while Maduro's government struggles to pay for essential imports. The Trump administration is trying to stoke dissent among the armed forces of Venezuela by blocking its access to cash and weakening its position in OPEC. The United States, along with 50 Western countries, has recognized Juan Guaidó, the opposition leader, as the interim president of Venezuela. Guaidó, who is also the President of the National Assembly of Venezuela, has declared himself the interim president based on the country's constitution. He considers last year's elections in Venezuela, which resulted in Maduro's victory, to be illegitimate and fraudulent. Maduro, whose legitimacy is under question, has called Guaidó a puppet of the U.S. and accused him of collaborating with Washington to sabotage Venezuela's economy.