(CARACAS, Venezuela) LATEST: After Maduro calls the military to protect him the EU makes move following US and U.K. to recognise Juan Guaido as interim president from next week as country agrees to sell UAE gold in the coming days in return for euros in cash, a senior official with knowledge of the plan said, in an effort by the troubled OPEC member to stay solvent as people planned demos to take place on Saturday

#AceNewsReport – Feb.02: European Union governments will move to recognise Juan Guaido as Venezuela’s interim president from next week, but using cautious language for fear of setting a precedent for political crises, two EU diplomats said on Friday: https://t.me/reuters_news/71201……As Venezuela grapples with U.S. sanctions on its vital oil industry, socialist President Nicolas Maduro has made plans to lift some price and foreign exchange controls in a bid to revive the country’s battered economy, sources said #AceNewsDesk reports

Since 2014, Maduro’s government has directly imported and distributed raw material for industries like food processing and construction: But the government has now informed some companies in private meetings that they can buy their own foreign currency to import what they need, five industrial and financial industry sources said………..Until now they have had to go through the government’s complex system of exchange controls to obtain scarce foreign currency……………….But business leaders said the shift may have limited impact with Venezuela deep in hyperinflation after five years of recession.

Maduro blames the economic crisis on private companies, which he accuses of conspiring with the domestic opposition and the United States to wage an “economic war.” One of the people with knowledge of the policy changes said companies with export capacity would be the only ones that would be able to buy euros from banks………….The government would also make its system of price controls, which are intended to contain inflation but have instead contributed to shortages of basic goods, more “flexible” to allow prices to rise in line with the bolivar’s depreciation, the sources said: OPINION: The US cannot be allowed to get away with its aggressive interference in Venezuela

The people of Venezuela have courageously spoken out against Maduro and his regime and demanded freedom and the rule of law.


RECOGNIZING THE LEGITIMATE GOVERNMENT OF VENEZUELA: The United States has officially recognized Juan Guaido as the Interim President of Venezuela.

Middle East Monitor reports ………..Venezuela sells UAE gold in exchange for cash

Venezuela will sell 15 tonnes of gold from central bank vaults to the United Arab Emirates in the coming days in return for euros in cash, a senior official with knowledge of the plan said, in an effort by the troubled OPEC member to stay solvent.

The sale this year of gold reserves began with a shipment on 26 January of three tonnes, Reuters reported the official saying, and follows the export last year of $900 million of mostly unrefined gold to Turkey.

In total, the plan is to sell 29 tonnes of gold held in Caracas by February, the source said, requesting anonymity in order to speak freely. Venezuela had reserves of 132 tonnes between the central bank’s vaults and the Bank of England at the end of November, according to central bank data.

The government of President Nicolas Maduro resorted to selling off gold after falling oil production, the country’s wider economic collapse and mounting US sanctions hit public income and made it hard for the country to access credit.

The United States, which is backing an attempt by the opposition to force Maduro to step down and call new elections, warned bankers and traders on Wednesday not to deal in Venezuelan gold.

Republican US Senator Marco Rubio sent a tweet to the United Arab Emirates embassy in Washington yesterday warning that anybody transporting Venezuelan gold would be subject to US sanctions.

Neither the embassy of the United Arab Emirates in Colombia, which covers Venezuela, or the central bank responded immediately to requests for comment.

#Venezuela Alert: Demonstrations are scheduled to take place throughout Venezuela on Feb 2 and may continue in the following days. The movement of U.S. government personnel will be restricted to the vicinity of the U.S. Embassy. Avoid large gatherings.

#AceNewsDesk report ………Published: February.02: 2019:

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