Venezuela in gold swap with Citi | Financial Times

A skilful move by Venezuela. It’ll allow the government to continue re-structuring the economy as well as continue funding its social projects domestically and abroad. “Venezuela has the world’s largest oil reserves but its economy is forecast to shrink by 7 per cent this year while inflation is expected to top 150 per cent, fuelled by printing money to fund a fiscal deficit estimated at 20 per cent of gross domestic product. … At almost 377 tonnes, Venezuela has the world’s 16th-biggest gold reserves, according to the World Gold Council.” Full story here.