On Wednesday, the President of the Central Bank of Venezuela (BCV), Nelson Merentes, said that the gold reserves taken out for political reasons during the 80s will return to the nation.

During a joint press conference with the Minister of People’s Power for Planning and Finances, Jorge Giordani, Merentes stated that about 46 percent of the gold reserves were taken out of the country from 1980 to 1992.

“The gold taken out in the 80s will be brought back and the other assets will be transferred to countries with more solid economies (…) to protect the Venezuelan economy,” he said.

Additionally, he said that thanks to the previsions of the BCV “Venezuela hasn’t lost not even one dollar of its reserves during the 2008-2009 U.S. economic crisis.”

Correo del Orinoco / Press Office – Venezuelan Embassy to the U.S. / August 17, 2011