Venezuela sold gold last year due to severe shortages of US dollars.

According to data from the Venezuelan Central Bank website, the central bank sold nearly 6 tons of gold in the second half of last year, due to the country facing a severe dollar shortage as a result of US restrictions on its oil exports. According to estimates from the Caracas consultancy firm Sintesis Financiera, these operations mainly took place in December. The Trump administration increased restrictions on Venezuelan oil exports last year, and subsequently detained the first oil tanker on December 10. This cut off Venezuela's dollar supply, resulting in a record gap between the official exchange rate and the parallel rate, and increasing the likelihood of a return to hyperinflation. However, following the capture of Venezuelan President Maduro by US special forces in January, the US allowed some of the revenue from Venezuelan oil sales to flow back into the country. This revitalized the official foreign exchange market and narrowed the gap with the parallel rate. According to a report released on Monday by Sintesis Financiera, it appears that the central bank did not sell any gold in January based on its financial report.