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Venezuela to Sell Gold Ingots to Pensioners as Inflation Soars
By Patricia Laya and Noris Soto
Monday, August 27, 2018
President Nicolas Maduro said Venezuela will begin to sell certificates backed by gold ingots as a savings mechanism starting next month.
The certificates, backed by 1.5 grams and 2.5 grams of gold, are meant as tools for pensioners and others to save money and use as credit lines to acquire cars and other items, Maduro said in a televised address. The gold is meant as a more stable way for Venezuelans to hold their diminishing funds as inflation in the socialist nation runs at over 100,000 percent.
"We have found the formula to advance toward socialism, equality, and the development of national productive forces," Maduro said, speaking from Venezuela's Mint. ...
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