How Venezuela turns its useless bank notes into gold3Photo© hindustantimes.com

How Venezuela turns its useless bank notes into gold

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Venezuela’s most successful financial operations in recent years have not taken place on Wall Street, but in primitive gold-mining camps in the nation’s southern reaches.

With the country’s economy in meltdown, an estimated 300,000 fortune hunters have descended on this mineral-rich jungle area to earn a living pulling gold-flecked earth from makeshift mines.

Their picks and shovels are helping to prop up the leftist government of President Nicolas Maduro. Since 2016, his administration has purchased 17 tonnes of the metal worth around $650 million from so-called artisan miners, according to the most recent data from the nation’s central bank.