The Financial Times reported, citing sources, that the Venezuelan government and the opposition are nearing an agreement to transfer the central bank’s gold reserves, estimated to be worth around four billion dollars, from the Bank of England to the Federal Reserve (the U.S. central bank) in New York.
The newspaper said that under the proposed agreement, the interim government headed by Delcy Rodríguez would obtain legal control over the gold but would not be able to sell those assets immediately.
The newspaper added that the reserves could be used as collateral for government borrowing, for purposes including financing reconstruction efforts following the two earthquakes that struck the country in June.
The New York Federal Reserve, the Bank of England and the British Foreign Office did not respond to Reuters’ requests for comment outside official working hours.
It was not possible to reach the Venezuelan government or the opposition for comment.
Jorge Rodríguez, President of Venezuela’s National Assembly, said last month that his country was working to recover the gold reserves held in the underground vaults of the Bank of England, in an effort to address accelerating inflation.
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