Venezuela Eyes $4 Billion Gold Reserve Transfer to New York

Venezuela is close to an agreement with the opposition to transfer its $4 billion gold reserve from the Bank of England to the Federal Reserve Bank of New York, according to a report by the Financial Times.

The move would grant the interim government of Delcy Rodriguez legal control over the gold, but it could not be sold immediately. Instead, it could potentially be used as collateral for government borrowings, including reconstruction efforts following last June's twin earthquake.

The Bank of England has withheld about 31 metric tons of Venezuelan gold since early 2019, citing its non-recognition of the legitimacy of President Nicolas Maduro's government. The British government had joined dozens of nations in backing opposition leader Juan Guaido at the time.