Venezuela has less cash in its coffers than Jay-Z is worth

By New York Post

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(NEW YORK POST) – Venezuela’s cash supply has tanked so far that it has less money than Jay-Z.

The South American country’s reserves, which were already at a 30-year low, have now fallen below $1 billion amid economic sanctions, Bloomberg reported Friday.

Venezuela’s central bank has only about $800 million in cash and $200 million in liquid assets, sources told the outlet.

That means the cash it has on hand ranks lower than Jay-Z’s net worth, which Forbes has estimated at more than $1 billion.

Amazon founder Jeff Bezos and Bill Gates of Microsoft are also worth more than Venezuela, Business Insider noted.

As is reality-TV star Kylie Jenner, who Forbes ranked as the world’s youngest self-made billionaire.

While Venezuela has 73 tons of gold in local vaults — worth around $3.6 billion — it’s had trouble selling the precious metal.

That’s because the US has limited buyers and banks from doing business with embattled leader Nicolás Maduro’s regime, according to Bloomberg.

The country also has about 32 tons of gold being held in London, but the Bank of England is declining requests from Maduro to repatriate it because it does not recognize him as the country’s legitimate leader.

The United States and most Latin American countries and Western democracies have called for Maduro to step down and have recognized Venezuelan opposition leader Juan Guaido as the country’s president.

The country is facing a humanitarian crisis amid massive inflation, and the shrinking cash supply could only spell more trouble.

This article was posted in its entirety as received by This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of, its sponsors or advertisers.

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