Venezuela nears deal to move $4 billion gold reserve to New York, FT says
The deal would give the interim government legal control of about $4 billion in gold, with the reserves barred from immediate sale.
- On Friday, the Financial Times reported that the Venezuelan government and opposition are nearing an agreement to transfer $4 billion in gold reserves from The Bank to the Federal Reserve Bank.
- The BoE has withheld 31 metric tons of gold since 2019, citing non-recognition of President Nicolas Maduro's government after backing opposition leader Juan Guaido in a prolonged legal dispute.
- Despite President Nicolas Maduro's capture in January, the bullion remained locked until President Delcy Rodriguez requested its release from King Charles, according to reports.
- Under the proposed deal, President Delcy Rodriguez would gain legal control over the assets but cannot sell them immediately; the gold would serve as collateral for reconstruction efforts following the twin earthquake.
- Reuters could not immediately verify the report, as the Federal Reserve Bank, The BoE, and the British Foreign Office did not respond to requests for comment outside regular business hours.
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31 tonnes of gold from the Venezuelan central bank reserve are to be brought from Britain to the US. Of all those who are suspected of corruption, the US President and his government are to ensure that the gold treasure is not misused.
Venezuela Plans $4bn Gold Transfer from Britain to the U.S.
Venezuela is close to resolving a years-long legal battle over 31 tonnes of gold held in the Bank of England, potentially unlocking significant resources for reconstruction efforts.PULSE POINTS WHAT HAPPENED: Venezuela is reportedly nearing a deal to move roughly $4 billion worth of gold from the Bank of England to the Federal Reserve Bank of New York, potentially ending an eight-year legal battle over the country’s reserves. The agreement, reac…
The Independent
The Independent (US)Venezuela looking to move $4bn gold reserves from Bank of England to New York
Venezuela is nearing a deal to move $4 billion (£2.9 billion) in gold from the Bank of England to the Federal Reserve Bank of New York after a years-long legal tussle, it has been reported.
Venezuela’s government and opposition are preparing to reach an agreement to transfer 31 tons of gold, worth about $4 billion, frozen at the Bank of England, to the Federal Reserve Bank of New York. Under the proposed deal, Delcy Rodríguez’s interim government would gain legal control of the assets but would not be able to sell them freely – the gold could be used to cover state loans, including for reconstruction after twin earthquakes in June.…
The Venezuelan State has assets and funds frozen abroad.
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