Venezuela sold nearly 6 tons of gold in 2025 amid dollar shortage and pressure on reserves

Venezuela’s central bank sold nearly 6 tons of gold in the second half of 2025 to cope with a severe dollar shortage, while the country’s gold reserves fell to 47 tons.

Venezuela’s central bank sold nearly six tons of gold during the second half of 2025 as the country struggled with a severe dollar shortage triggered by US restrictions on oil exports. The information comes from the institution’s financial statements and estimates by Caracas-based consultancy Sintesis Financiera.

Most of the gold sales reportedly took place in December, when pressure on Venezuela’s foreign exchange market intensified and the gap between the official and parallel exchange rates widened sharply, raising concerns over renewed inflationary instability. The tightening of restrictions on Venezuelan crude exports reduced the flow of foreign currency into the country, forcing authorities to rely once again on gold reserves as a source of liquidity.

Despite the sales, the total value of Venezuela’s international reserves rose by around 30% in dollar terms during 2025, largely driven by higher gold prices. Although the physical volume of reserves declined, the rally in precious metals helped offset part of the loss in value.

This dynamic highlights how the surge in gold prices has temporarily softened the impact of the country’s declining reserve holdings. Venezuelan authorities also reportedly shortened the time span used to calculate the average gold price, allowing the increase in international prices to be reflected more quickly in the central bank’s balance sheet.

According to Sintesis Financiera, the central bank does not appear to have sold any gold in January 2026. This pause coincided with a partial recovery in the official foreign exchange market, following the limited return of US dollars generated by Venezuelan oil sales.

Even so, Venezuela’s external accounts remain under severe strain. Economists warn that the country’s foreign sector is still deeply weakened and that, without financial assistance, there is little chance of achieving lasting stability in the exchange market.

A significant portion of Venezuela’s current gold reserves is held at the Bank of England. However, the country remains unable to access those funds because the United Kingdom has not recognized its government since 2019. That situation has remained unchanged, further limiting Caracas’ room for maneuver.

The decline in Venezuela’s gold stock is not new. Over the past 12 years, the country’s gold reserves have fallen by more than 80%, reflecting the prolonged economic crisis, international sanctions, and the ongoing erosion of state finances under Nicolás Maduro’s rule.

As a result, gold remains one of the Venezuelan state’s last strategic assets to manage liquidity shocks. But the repeated use of this resource also underscores the country’s shrinking financial flexibility and the fragile condition of its external economy.