Venezuela Seeks $4 Billion Gold Reserve Release from Bank of England

Venezuela's government and opposition have reached an agreement to recover $4 billion in gold reserves held by the Bank of England.

The decision comes after nearly two weeks of negotiations, which were facilitated by U.S.-backed efforts.

The funds will be used for reconstruction following devastating earthquakes that struck the country in June, killing over 6,000 people.

The country's central bank reported that monthly inflation rose to 19.9 percent in July, from 13.8 percent in June, and economists estimate annual inflation at around 575 percent.