Venezuela Agrees to Move Gold Reserves
The Venezuelan government and the opposition have reached a possible agreement to transfer the country's Central Bank 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 led by Delsy Rodriguez will officially become the owner of the gold, but it will not be allowed to sell it immediately; instead, it can be used as collateral for borrowing, particularly to finance the country's reconstruction after the earthquakes in June. The Bank of England has been holding 31 tons of Venezuelan gold for years due to its non-recognition of Maduro's government as legitimate. A British official confirmed that the court and the bank are independent of the government and that the aim of the operation is to regain control of the reserve and reduce inflation pressures.
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