Venezuela Seeks UK-Held Gold for Reconstruction Amid Record Inflation

Venezuela's government is focusing on reconstruction efforts and recovering gold reserves worth an estimated $4 billion held in the Bank of England's vaults. National Assembly chief Jorge Rodriguez said that the government will concentrate efforts to promote the recovery of Venezuela's international assets in the Bank of England, amidst a surge in inflation that reached 19.9% in July.

The Bank of England has refused to release some 31 metric tons of Venezuelan gold due to non-recognition of President Nicolas Maduro's government and ongoing legal disputes. The bullion has been at the center of a long-running legal battle in British courts, with no resolution in sight.

Venezuela has been hit by devastating twin earthquakes that killed over 6,000 people and caused massive damage estimated between $6.7 billion and $19.6 billion. The country's inflation rate stands at 575.9% year-on-year, according to Reuters calculations based on figures from the central bank.