Venezuela is seeking to access $4 billion in gold, currently held by the Bank of England, to aid in the country’s earthquake recovery efforts. The gold, worth an estimated $4 billion, has been frozen due to a dispute involving the British government and Venezuela’s former President Nicolas Maduro.
Background
The gold was deposited at the Bank of England in 2008, but its fate has been in limbo for years due to the dispute. The Bank of England froze the gold after the UK, along with the US and other countries, refused to recognize Maduro as the winner of Venezuela’s disputed 2018 presidential election.
With Maduro now in custody in New York, Venezuela’s acting president, Delcy Rodríguez, sees an opportunity to retrieve the gold. Rodríguez has written to King Charles III, asking for the gold to be released for use in reconstruction efforts.
The UK government’s stance on the matter is unclear, with the new foreign minister, Ed Miliband, yet to comment on the issue. The Bank of England has stated that it must make decisions independently, focusing on maintaining and promoting stability and the transition to democracy.
Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.
