Venezuela Nears Deal to Move $4 Billion in Gold Reserves

The Venezuelan government and opposition are close to 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 proposal would grant legal control of the gold to the interim government led by Delcy Rodriguez, but it could not be sold immediately. Instead, it could be used as collateral for government borrowing, including to fund reconstruction efforts following June's twin earthquakes.

The Bank of England has withheld 31 metric tons of Venezuelan gold since early 2019, citing its non-recognition of Nicolas Maduro's government. The dispute over the gold has been ongoing in British courts.