Venezuela Seeks UK Gold Reserves as Inflation Surges and Rebuilding Efforts Begin

Venezuela is looking to tap into its gold reserves held in the Bank of England's vaults as it focuses on reconstruction efforts after devastating earthquakes and soaring inflation.

The country's National Assembly chief, Jorge Rodriguez, said that the government and lawmakers have agreed to prioritize projects aimed at rebuilding households, health capacities, electricity availability, and clearing rubble.

Rodriguez stated that efforts would be concentrated on recovering Venezuela's international assets in the Bank of England, specifically the estimated $4-billion worth of gold reserves held there.

The gold reserves have been at the center of a long-running legal battle in British courts, with the Bank of England refusing to release 31 tons of Venezuelan gold due to concerns over the legitimacy of President Nicolas Maduro's government.