Venezuela nears deal to move USD4bn gold reserve to New York, FT says
BENGALURU: The Venezuelan government and the opposition are close to an agreement to transfer the central bank’s gold reserves, worth about USD4 billion, to the Federal Reserve Bank of New York from the Bank of England, the Financial Times reported on Friday. Reuters could not immediately verify the report, which cited four people familiar with the discussion. Under the proposed deal, the interim…
The Venezuelan government and the opposition are reportedly nearing an agreement to transfer the central bank's gold reserves, estimated at USD4 billion, from the Bank of England to the Federal Reserve Bank of New York, according to a report by the Financial Times. Reuters has yet to independently verify the report, which was based on information from four people familiar with the discussions.
The interim government of Delcy Rodriguez would assume legal control over the gold reserves under the proposed deal, but would be prohibited from immediately selling the holdings. Instead, the reserve could potentially serve as collateral for government borrowings, potentially including funds for reconstruction efforts following the earthquakes that struck the country in June.
The Federal Reserve Bank of New York, the Bank of England, and the British Foreign Office have not yet provided any comment on the matter, and the Venezuelan government and the opposition were unavailable for comment.
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