Venezuela Approaches Agreement to Transfer Gold Reserves Worth $4 Billion to New York

The Venezuelan government and opposition are nearing an agreement to transfer the gold reserves of the central bank, valued at approximately $4 billion, from the vaults of the Bank of England to the Federal Reserve Bank in New York, in a move that could allow the transitional government led by Delcy Rodríguez to utilize the reserves for funding expenditures, according to the Financial Times. According to the newspaper, the arrangements being discussed grant the transitional government legal control over the gold, but will not allow it to sell the reserves immediately, as it can be used as collateral to obtain loans for government spending, including reconstruction efforts after the two devastating earthquakes that ...