Venezuela to transfer about $4 billion in gold reserves from Bank of England to New York
Interim government led by Delsa Rodriguez would gain legal control of the gold but not the right to sell it; metal may back a loan including earthquake recovery costs.
Venezuela’s government and opposition are nearing an agreement to move roughly $4 billion worth of the central bank’s gold reserves from the Bank of England to the Federal Reserve Bank of New York, sources involved in the talks say.
Under the draft arrangement, the interim government led by Delsa Rodriguez would obtain legal control of the metal but would not be permitted to sell the reserves, according to people familiar with the negotiations.
Gold as collateral, not for sale
Instead of outright disposal, the gold could be used as collateral for a government loan to finance public expenditures — among them recovery work after the devastating twin earthquakes in June.
The proposed transfer is one of the first tangible outcomes of a U.S.-backed negotiation process between the interim administration and opposition figures.
If the deal is finalized, it would bring to a close a seven-year dispute over the bullion that began in 2019, when the United States, the United Kingdom and some other governments recognised opposition politician Juan Guaidó, then president of the National Assembly, as the country’s legitimate president.
Photo: press material from the event
