Venezuela's Ministry of Finance and the country's Central Bank plan to gradually pull the country's gold reserves out of the US, Canada, and Europe.
A member of the National Assembly of Venezuela Braulio Alvarez told a Press TV correspondent that, “Studies have been carried out and have resulted in the necessity of returning these assets. Why are we paying custody in other countries for what is ours?”
On Wednesday, Venezuelan President Hugo Chavez said his government plans to “bring home” 211 tons of gold currently stored in international banks.
Up to USD 6.3 billion in liquid reserves will also be transferred to banks in Brazil, China, and Russia. The transfers are expected to take more than two months.
Chavez has also announced that he may invoke the Enabling Act which will grant him powers to pass a law next week to nationalize the country's gold industry.
Some critics say this move may lead to possible international sanctions after next year's elections.
According to Venezuela's Ministry of Finance and Central Bank, two-thirds of its total reserves (USD 18 billion) are in gold.