UK- Held Venezuelan Gold Heads to US Treasury Amid Reconstruction Talks

Venezuela is negotiating a plan to release its gold reserves held at the Bank of England and deposit them into U.S. Treasury accounts, according to National Assembly deputy Ramón López.

The arrangement is intended to fund reconstruction efforts after June's double earthquake in Venezuela, with the money directed toward housing, health centers, and schools in affected areas, López said.

The plan requires 'all the necessary planning and control mechanisms' to be in place, along with a 'permanent spending audit plan' involving international firms to ensure the gold is used properly and audited,' López stated.

The Bank of England declined to comment on the matter, while the U.S. Treasury Department and Venezuela's Ministry of Foreign Affairs did not immediately respond to Benzinga's request for comment.