Venezuela Seeks $4 Billion Gold Hoard from Bank of England for Quake Relief

Venezuela's National Assembly Chief Jorge Rodríguez announced plans to focus on reconstruction efforts and recover approximately 31 metric tons of gold, valued at an estimated $4 billion, held in the Bank of England's vaults. The gold has been frozen due to a long-running legal dispute over the legitimacy of former President Nicolás Maduro's government.

The gold was seized by the U.S. in January, and acting President Delcy Rodríguez requested its release from King Charles. Despite this, the Bank of England refused to hand it over, citing concerns about the legitimacy of Maduro's administration.

Venezuela is prioritizing reconstruction projects focused on housing, healthcare, electricity, and debris removal following devastating twin earthquakes in June that killed more than 6,000 people and caused widespread damage. The plan comes as Venezuela struggles with a sharp rise in inflation, which reached 19.9% in July.

The central bank expects inflation to ease in August, but the country's economic woes continue. In another development, the government and opposition agreed to replace all judges on the Supreme Court of Justice (TSJ), marking one of the first agreements reached through U.S.-backed dialogue aimed at facilitating a political transition.