Venezuela to Transfer Gold to New York

The Financial Times reported that the Venezuelan government and the opposition are headed toward an agreement to transfer the Central Bank's gold reserves, valued at approximately $4 billion, from the Bank of England to the Federal Reserve Bank of New York. Under the agreement, the interim government will be granted legal control over the gold, but it will not be allowed to sell it immediately; instead, it can be used as collateral for government loans to fund reconstruction efforts following two earthquakes that struck the country in June. This comes amid the Bank of England's longstanding detention of the gold on the grounds of not recognizing Maduro's government legitimacy, while the Venezuelan government affirms its intent to reclaim the reserves to bolster its economy and combat inflation.

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