Venezuela Gold Transfer Deal Nears Completion with $4B Stash Bound for New York

Venezuela's government and opposition are on the cusp of reaching an agreement to transfer around $4 billion worth of gold held at the Bank of England to the Federal Reserve Bank of New York.

The proposed deal would give Delcy Rodríguez's interim government control over the 31 tonnes of bullion, valued at approximately $4 billion, without allowing it to be immediately liquidated. Instead, the gold could potentially serve as collateral for government borrowing, including financing reconstruction efforts after recent earthquakes struck Venezuela in June.

The agreement marks one of the first concrete results of US-backed negotiations between Venezuela's government and opposition, and comes as the South American nation seeks greater access to international financing. The International Monetary Fund resumed official dealings with Caracas in April, while the US has lifted some sanctions on the Venezuelan economy.