Venezuela Seeks $4 Billion Gold Haul as Inflation Hits Nearly 20%

Venezuela is seeking to recover $4 billion in gold reserves held by the Bank of England, as the country grapples with renewed inflationary pressure. The move comes after devastating June earthquakes killed over 6,000 people and disrupted the distribution of goods.

The Bank of England has refused to release the gold, citing its refusal to recognize President Nicolas Maduro's government. This decision has been at the center of a prolonged legal battle in British courts.

National Assembly President Jorge Rodriguez stated that authorities will concentrate efforts on recovering Venezuela's international assets, including the gold reserves, to finance reconstruction efforts and stabilize the economy.

The country's central bank reported a sharp acceleration in consumer prices, with monthly inflation reaching 19.9% in July, up from 13.8% in June. Year-on-year inflation is estimated at 575.9% in July.