Venezuela Seeks UK-Held Gold Reserves Amid Ongoing Reconstruction Efforts

Venezuela's National Assembly chief Jorge Rodriguez announced plans to focus on reconstruction efforts and recovering gold reserves worth an estimated $4 billion held in the Bank of England's underground vaults.

The decision comes as monthly inflation surged to 20%, with year-on-year inflation standing at 575.9% according to Reuters calculations based on figures from the central bank.

The bullion has been the subject of a long-running legal battle in British courts, with the Bank of England refusing to release some 31 metric tons of Venezuelan gold due to not recognizing the legitimacy of President Nicolas Maduro's government.