Central bank, Pdvsa establish joint venture engaged in gold Central bank, Pdvsa establish joint venture engaged in gold business
EL UNIVERSAL
Tuesday December 17, 2013 11:05 AM
The Central Bank of Venezuela (BCV) and state-run oil company Pdvsa have established a joint venture to engage in the gold business. The stake of the oil giant accounts for 60%. Meanwhile, the BCV is to purchase all the gold mined in the country.
Venezuela's Economy Vice-President Rafael Ramírez on Monday said the Central Bank of Venezuela will buy from miners all gold output at the official rate of the Ancillary Foreign Currency Administration System (Sicad). By doing this, authorities intend to stop smuggling.