President of Venezuela has signed a decree on nationalization of gold-mining industry

/IRBIS, August 24, 2011/ - Venezuelan President Hugo Chavez, August 23, 2011 at a meeting of the Council of Ministers, which was broadcast live on local television and radio stations, has signed a decree nationalizing the country's gold mining industry. Provisions of the decree came into effect immediately, according to RBC today. As noted, in fact, a gold mining industry in Venezuela was nationalized in 1965. However, the present decree gives local authorities additional powers to combat the private traders who are engaged in illegal developments. It is reported that in his televised Chavez confirmed the decision on the repatriation of the total national gold reserves, which is kept in foreign banks. The first batch of ingots is expected to arrive in Venezuela next week. According to the president of the republic, he went to such measures for two reasons: unstable position of the economies of Western Europe and the United States, namely, there is still a big part of the gold reserves of Venezuela, as well as the Libyan precedent, when the first foreign nations to freeze and then begin to finance the opposition for by government funds. "Gold was taken out of Venezuela by the oligarchy", - said Chavez. Now he intends to return it to the homeland. In this case the Venezuelan president earlier specified that returned gold can be sent abroad again, but in friendly nations - Russia, China or Brazil. [2011-08-24]