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-0.00038387715930889 0.000230326295585421 -0.00115163147792711 -0.00130518234165058 -0.00959692898272553 -0.0126679462571977 -0.0126679462571977 -0.0126679462571977
Stock impact report

Citigroup to sell Venezuelan gold in setback to President Maduro: sources [Reuters]

Citigroup, Inc. (C) 
Last citigroup, inc. earnings: 4/15 08:00 am Check Earnings Report
US:NYSE Investor Relations: citigroup.com/citi/investor/pres.htm
Company Research Source: Reuters
Citigroup to sell Venezuelan gold in setback to President Maduro: sources CARACAS (Reuters) - Citigroup Inc plans to sell several tons of gold placed as collateral by Venezuela’s central bank on a $1.6 billion loan after the deadline for repurchasing them expired this month, sources said, a setback for President Nicolas Maduro’s efforts to hold onto the country’s fast-shrinking reserves. Maduro’s government has since 2014 used financial operations known as gold swaps to use its international reserves to gain access to cash after a slump in oil revenues left it struggling to obtain hard currency. In the past two years, however, it has struggled to recover its collateral. Under the terms of the 2015 deal with Citigroup’s Citibank, Venezuela was due to repay $1.1 billion of the loan on March 11, according to four sources familiar with the situation. The remainder of the loan comes due next year. Citibank plans to sell the gold held as a guarantee - which has a market value of roughly $1. Show less Read more
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