The Venezuelan government plans to sell part of its gold reserves to the UAE

Crisis-stricken Venezuela seeks to remain solvent, so in the coming days it will sell 15 tons of gold from the vaults of the Central Bank to the United Arab Emirates. This is reported by Reuters , citing a senior official. In total, the United Arab Emirates is scheduled to sell 29 tons of gold stored in Caracas by February to provide "liquidity for imports of key commodities," an agency source said.

Neither the UAE Embassy nor the Central Bank of Venezuela commented on this information. According to the Central Bank of the country, Venezuela's gold reserves are 132 tons. The Maduro government began selling gold about a year ago after falling oil production and escalating US sanctions hit household incomes and made it difficult for the country to access credit.