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Venezuela Central Bank Pays Citi $172 Million to Recover Swapped Gold-Sources
By Reuters
Sanctions levied by U.S. President Donald Trump last year bar U.S. banks from carrying out financing operations with Venezuela, meaning such swaps cannot be renewed.
"Citibank got paid," said a local finance industry source familiar with the negotiation who asked not to be identified.
"The policy is to recover the gold," added a second source consulted.
The move showed that, despite a broad default on billions of dollars in bonds, Venezuela is meeting some financial commitments, and the government of President Nicolas Maduro is able to transfer funds when it has reason to do so.
Meditare.
By Reuters
- June 1, 2018
Sanctions levied by U.S. President Donald Trump last year bar U.S. banks from carrying out financing operations with Venezuela, meaning such swaps cannot be renewed.
"Citibank got paid," said a local finance industry source familiar with the negotiation who asked not to be identified.
"The policy is to recover the gold," added a second source consulted.
The move showed that, despite a broad default on billions of dollars in bonds, Venezuela is meeting some financial commitments, and the government of President Nicolas Maduro is able to transfer funds when it has reason to do so.
Meditare.
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