Diputado Sanguino: "BCV can buy and sell gold"
Thursday, March 12 2009 - 19:28:38
The chairman of the Finance Committee, Ricardo Sanguino denied that the operation conducted by the issuing entity were to do with economic reserves replacement


Elsy Alvarez / Press AN



The chairman of the Finance Committee, Ricardo Sanguino, said that the Central Bank of Venezuela, by law you can buy and sell gold, as a Venezuelan producer of this mineral.



This assessment was made in the Federal Legislative Palace, where he consulted on a negotiation in this regard made by the BCV.



He explained that the issuing entity under its strategy for an observer on the price of an ounce of that mineral in the market, "felt that this opportunity is good and attractive, and it sold some ounces of gold.



Denied that such an operation had to do with replenishment of reserves, any failure of foreign exchange and clarified that this was a normal operation that executed the BCV within its powers.



He also recalled that in 2007 this institution made a similar sale, therefore, argued that there was no need for alarm, nor was an extraordinary situation, and it was just a normal activity of issuing entity as represented by the purchase and sale of gold.



In this regard, he assured that this transaction will improve the economic position of the reserves of the country because they were turning gold reserves in foreign currencies.