Venezuela nears deal for $4B gold transfer to NYC

The Venezuelan government and opposition are close to reaching an agreement to transfer $4 billion in gold reserves from the Bank of England to the Federal Reserve Bank of New York.

According to a report by the Financial Times, the deal would grant the interim government of Delcy Rodriguez legal control over the gold but prevent them from selling it immediately.

The reserve could instead be used as collateral for government borrowings, including reconstruction efforts following June's twin earthquakes.