Venezuela Seeks Return of US$4 Billion Gold Reserves from Bank of England

Venezuela's government and opposition have reached an agreement to recover the country's gold reserves held by the Bank of England, valued at US$4 billion. The move comes after nearly two weeks of U.S.-backed negotiations.

The Venezuelan government wants to use the funds for reconstruction efforts following a devastating earthquake in June that killed over 6,000 people and contributed to a surge in inflation, which rose to 19.9 percent in July from 13.8 percent in June.

However, opposition figures have expressed skepticism about the move, citing concerns that the government may misuse the funds. One opposition figure stated that 'transparency mechanisms' would be put in place to ensure accountability.

The Bank of England has been awaiting legal clarity on who controls the Venezuelan gold before releasing it.