Deutsche Bank confiscated 20 tons of Venezuelan gold

The reason for this decision was the non-payment of payments on the loan by Caracas, the Agency notes.

German Deutsche Bank has decided to take control of 20 tons of gold belonging to Venezuela, in connection with the non-payment of payments on the loan received in 2016. On Tuesday, Bloomberg reported, citing sources.

According to him, in 2016 the Venezuelan government received a loan of $750 million from Deutsche Bank, leaving as collateral 20 tons of gold. In connection with the omission of payments, Deutsche Bank decided to terminate the loan agreement, which was due to expire in 2021, and take control of the gold.

Venezuela has been going through an acute social and economic crisis in recent years, accompanied by the devaluation of the national currency. According to estimates of the Office of the United Nations High Commissioner for Refugees and the International organization for migration, more than 3.4 million people have left the country. The International Monetary Fund in its April report predicts the inflation rate in Venezuela in 2019 and 2020 at 10 million percent. The situation in the country became even more complicated after the Venezuelan opposition leader Juan Guaido, whose appointment to the post of speaker of Parliament had been revoked by the Supreme Court two days earlier, declared himself acting President of Venezuela on January 23 this year.

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Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor

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