• SENSEX
    NIFTY 50
Economy

How Venezuela turns its useless bank notes into gold, explained

Updated : February 11, 2019 07:03 AM IST

With the country’s economy in meltdown, an estimated 300,000 fortune hunters have descended on this mineral-rich jungle area to earn a living pulling gold-flecked earth from makeshift mines.
The Trump administration is pressuring the United Kingdom not to release $1.2 billion in gold reserves Venezuela has stored in the Bank of England.
Because Venezuela’s currency, the bolivar, is worthless every hour someone holds it, the state pays a premium over international prices to make it worthwhile for those who could smuggle gold out of the country to exchange for dollars.
How Venezuela turns its useless bank notes into gold, explained

You May Also Like

Live TV
Advertisement