Under the swap, the central bank would provide 1.4 million troy ounces in exchange for cash, said a central bank source. After four years, it would have right of first refusal to buy the gold back, added the source, who asked not to be identified.
The ongoing talks involve at least two institutions, Bank of America and Credit Suisse, the source told Reuters.
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The banks and Venezuela's central bank did not immediately respond to requests for comment.
"Work is being done to complete this operation toward the end of April," said another source, linked to Venezuela's finance ministry.
Venezuela would have to pay interest on the funds but the central bank would most likely be able to maintain the gold as part of its foreign currency reserves.
Most of Venezuela's reserves are held in gold after late socialist leader Hugo Chavez began moving central bank assets away from the dollar in the wake of the 2008 global financial crisis.The central bank in late 2013 received proposals to carry out a similar operation, the bank's chief said at the time, but denied any agreements had been completed.
The Maduro administration faces a cash crunch due to a combination of low oil prices and hefty debt payments including the maturity of a 1 billion euro bond this month and coupon payments of nearly $700 million in April.