Venezuela nears deal to move $4 billion gold reserve to New York, FT says
The reserve could back government borrowing and reconstruction, while 31 metric tons of gold remain at the center of a legal dispute, Reuters said.
- On Friday, Venezuela's government and opposition neared a deal to transfer about $4 billion in gold reserves from the Bank of England to the Federal Reserve Bank of New York, according to a Financial Times report.
- Since early 2019, the Bank of England has withheld about 31 metric tons of gold after Britain backed opposition leader Juan Guaidó, citing the disputed election of then-President Nicolas Maduro.
- Under the proposed agreement, Interim President Delcy Rodriguez would gain legal control over the gold, though she would be unable to sell the holdings immediately.
- The gold could serve as collateral for government borrowings, including reconstruction efforts following the twin earthquakes that devastated Venezuela in June and killed more than 6,000 people.
- Reuters could not immediately verify the Financial Times report, and officials at the Bank of England, the Federal Reserve Bank of New York, and the British Foreign Office did not respond to requests for comment.
108 Articles
108 Articles
The Venezuelan government is close to an agreement with the opposition to move gold reserves from London to New York. The deal concerns $4 billion worth of gold, or roughly 84.6 billion crowns. London has been holding the reserves since 2019 due to disputes over the legitimacy of then-Venezuelan President Nicolás Maduro.
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.
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