(Bloomberg) – Two central bank directors in Venezuela left their post after President Nicolás Maduro commented on the inclusion of large amounts of gold in international reserves, raising concerns about the use of unregulated mines to strengthen the country’s stockpile.
Sohail Hernandez, the bank’s first vice president and Iliana Ruzza, vice president of international operations, are no longer in the bank, according to people familiar with the matter. The people said both withdraw a hasty plan to include gold into reserves without following the protocol that regulates so-called “good delivery” rods, which meets specific measurement requirements to meet international standards.
The bank is also under pressure from a sudden slippage of currency due to policy migrations by U.S. President Donald Trump. Hernandez has been a member of the central bank leadership since 2014 and is widely regarded as a powerful force in managing monetary policy.
One of the people said the remaining boards will be replaced by public nomination procedures, with some of them approaching the end of their terms. Officials from the Ministry of Information and the Central Bank did not respond to requests for comment. Hernandez and Ruzza cannot be reached immediately.
The central bank on Wednesday called on qualified candidates to apply for director Jobs, according to a notice posted on its website. Applicants must submit their resume on Friday and will be reviewed by the Ministry of Finance’s Assessment Committee.
Maduro announced on March 24 that it had shipped a batch of gold to the central bank. “Venezuela has made gold bars for its international and international reserves, and its development, its gold, meets the strictest international standards,” the socialist leader said in a televised event.
Meanwhile, Bolivar has been falling in the informal market because Trump’s revenue on sanctions has declined. The same day Maduro delivered his speech, Trump imposed a 25% secondary tariff on countries that bought Venezuelan crude oil.
More stories like this are available Bloomberg.com
