Citigroup reportedly plans sale of Venezuelan gold offered as loan collateral, dealing setback to Maduro GlobeBusiness
Venezuelan President Nicolas Maduro touches a stack of gold bars while addressing a meeting of his country's economic ministers in Caracas on March 22, 2018.Citigroup Inc. plans to sell several tons of gold placed as collateral by Venezuela’s central bank on a $1.6 billion loan after the deadline for repurchasing them expired this month, sources said, a setback for President Nicolas Maduro’s efforts to hold onto the country’s fast-shrinking reserves.
Citibank plans to sell the gold held as a guarantee - which has a market value of roughly $1.358 billion - to recover the first tranche of the loan and will deposit the excess of roughly $258 million in a bank account in New York, two of the sources said. Guaido invoked Venezuela’s constitution to announce an interim presidency in January. However, Maduro retains control over state institutions in Venezuela and has the support of the powerful military. He has branded Guaido a U.S. puppet.
Citigroup declined to comment. The Venezuelan Central Bank did not immediately respond to a request for information. At the end of 2018, the Central Bank paid investment bank Deutsche Bank AG about $700 million to recover ownership of a portion of gold used as collateral for a loan.
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