Venezuela’s government and opposition are reportedly close to reaching an agreement on moving the country’s gold reserves from the Bank of England to the Federal Reserve Bank of New York. According to the Financial Times (FT), the Bank of England currently holds about 31 tons of Venezuelan gold bars with a total value of about $4 billion. Under the proposed deal, the government led by Delcy Rodríguez would gain "legal control" over the gold, but it would not be allowed to sell it immediately.
However, the reserves could potentially be used as collateral for loans, helping the authorities finance public spending, including recovery efforts after the devastating June 24 earthquake, which reportedly killed more than 6,300 people. The process of finalizing the technical details of the agreement may take some time. Last month, Venezuela's National Assembly chief Jorge Rodriguez said the country was working on recovering gold reserves held in the Bank of England's underground vaults, in an effort to counter surging inflation.
The bullion has been at the center of a prolonged legal dispute in British courts since then, and has not been released despite Maduro's capture by the US in January and a request by acting President Delcy Rodriguez to King Charles. Here we are to serve you with news right now. It does not cost much, but worth your attention.
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