Venezuela Close to Deal to Move Gold Reserves to New York Fed

The Venezuelan government and opposition are close to an agreement to transfer the country's $4 billion gold reserve to the Federal Reserve Bank of New York from the Bank of England, according to a report by the Financial Times. The proposed deal would allow interim President Delcy Rodriguez's government to gain control over the gold reserves but would prevent them from selling them immediately.

Instead, the reserve could be used as collateral for government borrowing, including for reconstruction efforts following June's twin earthquake. This potential deal has been reported by four people familiar with the discussion, although Reuters was unable to verify the claim.