Venezuela Seeks Return of €4 Billion Gold Haul from Bank of England

Venezuela's government and opposition have put aside their differences to work together on recovering the country's gold reserves held at the Bank of England. The 31 tonnes of gold, worth an estimated €4 billion, have been locked up since 2018 due to the UK's recognition of a rival Venezuelan government.

According to a joint statement, the gold will be released if certain conditions are met, including the implementation of planning and control mechanisms for its use. The funds will be deposited into US Treasury Department accounts and subject to audits by international firms before being disbursed.

The release of the gold is seen as crucial in supporting Venezuela's reconstruction efforts after a series of devastating earthquakes left over 6,000 people dead. The country's economy has been battered by years of mismanagement, corruption, and US sanctions, with monthly inflation reaching 19.9% in July.