Deutsche Bank confiscated 20 tons of gold owned by Venezuela due to its failure to comply with the financial agreement to pay back the loan received in 2016, Bloomberg reported referring to sources.
The agency notes that neither representatives of Deutsche Bank, nor the press service of the Central Bank of Venezuela did not provide a comment.
According to the agency, under the agreement signed in 2016, Venezuela received a loan from the bank for $ 750 million and provided 20 tons of gold as collateral. It is reported that Venezuela did not fulfill the terms of the agreement, which was due to expire in 2021, in connection with which the bank decided to early terminate it and confiscate gold.
In Venezuela, the economic crisis has long lasted, aggravated by the financial and economic sanctions imposed on the country. The International Monetary Fund (IMF) expects Venezuela's GDP in 2019 to lose 25%, next year - 10%, inflation is projected at 10 million percent in 2019 and in 2020.
