Venezuela carries out $1 bln gold swap with Citibank -media

April 24, 2015 2:34 PM

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CARACAS, April 24 (Reuters) - Venezuela's central bank has converted part of its gold reserves into at least $1 billion in cash through a swap with Citibank, local media reported on Friday.

The deal will make more foreign currency available to President Nicolas Maduro's socialist government as the OPEC nation struggles with soaring consumer prices, chronic shortages and a shrinking economy worsened by low oil prices.

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