Citi says Venezuela may tap its gold reserves

Kuala Lumpur

COUNTRIES facing cash shortages, including Venezuela, may be tempted to sell part of their gold reserves to raise funds, according to Citigroup Inc.

The South American nation is one country that may be at risk of selling part of its holdings after oil fell and commodity prices weakened, analysts including David B Wilson and Aakash Doshi, wrote in a report. Calls by Bloomberg to Venezuela's central bank and the media office at the finance ministry outside normal office hours weren't answered.