Venezuela Seeks $4 Billion Gold Transfer from Bank of England

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

According to sources, the deal would give the interim government of Delcy Rodriguez control over the gold, but not the right to sell it immediately. Instead, it could be used as collateral for a government loan to finance expenses, including reconstruction after the devastating twin earthquakes in June.

The agreement is one of the first concrete results of the US-backed negotiation process between the interim government and the opposition, which began seven years ago when the US, Britain, and some other governments recognized Juan Guaido as Venezuela's legitimate president.