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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Venezuela plans to move reserve funds

Posted on 17 August 2011

Venezuela plans to transfer billions of dollars in cash reserves from abroad to banks in Russia, China and Brazil and tons of gold from European banks to its central bank vaults.
The planned moves would include transferring $6.3 billion in cash reserves, most of which Venezuela now keeps in banks such as the Bank for International Settlements in Basel, Switzerland, and Barclays Bank in London to unnamed Russian, Chinese and Brazilian banks, one document said……………………………………….Full Article: Source


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