Government regulates marketing gold at home and abroad

May 4, 2009 .-
The central government Monday issued new rules governing the marketing of gold inside and outside the country, which provides that up to 30% of production is exported.

The remaining 70% must be negotiated in the domestic market, of which 60% must be sold by the Central Bank of Venezuela (BCV) and 10% will go to domestic processing industry, according to the new Order of the Ministry of Economy and Finance, on the marketing of gold and its alloys, published Monday in the Official Gazette number 39169.

The legislation states that the BCV is the sole authority to authorize all persons or entities who intend to undertake export of gold and its alloys.