Venezuelan officials on Monday denied that the decision to repatriate gold reserves was motivated by a mounting debt burden with China. Government supporters meanwhile took to the streets to celebrate the arrival of the first shipment last week.

Nelson Merentes, president of the central bank, said the decision to transport more than 160 tonnes of gold, mostly stored at the Bank of England, back to Venezuela was prompted by worries about the global economic crisis.

“We are bringing the gold back because unfortunately capital markets and the world economy are in turmoil, and for that reason it is preferable to seek protection,” said Mr Merentes, who led a convoy of 500 heavily armed soldiers and tanks from the Maiquetia international airport to downtown Caracas on Friday.