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Venezuelan President Invests in Gold Savings Plan

  • Published in International

Venezuelan President Nicolas Maduro. Photo: Prensa Latina.Caracas, Sep 3.- Venezuelan President Nicolás Maduro was the first citizen to invest in the Gold Savings Plan, which was activated today as part of the Economic Recovery Program.

'I have just bought this savings certificate for an ingot of 1.5 grams. I take the certificate, and the ingot will be protected in the vaults of the Central Bank of Venezuela, 'the head of state told the press.

Maduro invited the most vulnerable sectors of society to join this modality, which together with the monetary re-conversion, the establishment of a new salary scale and the fixing of the prices of various products -among other measures-, seeks to stabilize the national economy and recover the purchasing power of the population.

In this sense, citizens may purchase gold pieces of 1.5 and 2.5 grams, valued at 3,780 and 6,300 sovereign bolivars, which amounts are equivalent to 61.87 and $ 103.12, respectively, according to the quote of the new Venezuelan currency, in force since August 20 last.

In a recent address to the country, the president said that the gold savings plan will work through the issuance of an electronic certificate, guarantee for future loan applications and with the possibility of being monetized every three months, according to the price of the gold and the sovereign bolivar.