Venezuela Seeks Return of £4bn Gold Hoard From Bank of England

The Venezuelan government and opposition have reached an unexpected agreement to recover the country's 31 tonnes of gold worth €4bn stored at the Bank of England. The funds, frozen since 2018 due to UK recognition issues, are needed for reconstruction after June's devastating earthquakes that killed over 6,000 people.

The release of the assets is conditional on implementing control and planning mechanisms under a plan focused on housing, health centres, and schools in affected areas. The funds will be deposited into US Treasury Department accounts, subject to audits by international firms.

An opposition source expressed concerns that the government might misuse the funds, stating there's 'no naivety' about the interim administration's intentions. Meanwhile, the Bank of England is awaiting a legal ruling before releasing the gold bars.