President of Central Bank announces increase in gold production to reserves
monetariasHoy 7:57 pm

El president of the Central Bank of Venezuela, Nelson Merentes, said that reform
of the law of the issuing and the resolution on the gold market has enhanced the
possession of gold that serves to strengthen the country's international
reserves

Caracas, AVN .- The president of Central Bank of Venezuela (BCV), Nelson
Merentes, said that reform of the law of the issuing and the resolution on the
gold market has enhanced the possession of gold that serves to strengthen
reserves country's international.

This was announced Wednesday during the presentation of the draft Law on Budget
and Debt, 2011 to the Finance Committee of the National Assembly by Minister
Jorge Giordani and Rafael Ramirez.

"With the latest amendment to the resolution that was made with the Government
and the Central Bank, the possession of gold relative to what they gave up last
year has nearly doubled," he said.

He recalled that the issuing entity and the Ministry of People's Power for Basic
Industries and Mining (Minam) work on a joint plan to promote gold mining in the
country.

"We have a great chance of having a substantial income in the gold system
management, we are one of the few countries in the world with this mineral at
the level of Guyana and other state but so far we have not yet managed to take
the amendments law allows and we are working very modestly progreisvamente and
it is increasing the capacity of acquisition of gold by Central Bank, "he said.

The international reserves of the Republic, consisting of gold and foreign
exchange should be centralized by the Central Bank, in accordance with the
provisions of Article 7 of the legal instrument governing the institution. Also,
the State's financial entity is responsible for regulating all matters relating
to the marketing of metal.

At present the majority of gold mining in Venezuela, approximately 60% is done
through informal production sector, which does not comply with tax obligations,
does not contribute to the increase in international reserves and, therefore,
generates a distortion in the market and the economy.

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