Venezuela nears deal to move $4 billion gold reserve to New York, FT says

The Venezuelan government and opposition are reportedly nearing an agreement to transfer approximately $4 billion in gold reserves from the Bank of England to the Federal Reserve Bank of New York, according to the Financial Times. Under the proposed deal, the interim government of Delcy Rodriguez would gain legal control of the gold, which could then be used as collateral for government borrowings, including for post-earthquake reconstruction. The Bank of England has withheld about 31 metric tons of Venezuelan gold for years, citing its non-recognition of the legitimacy of the Maduro government, leading to a prolonged legal dispute. A spokesperson for the British foreign office stated, "The UK maintains its longstanding position of support for a democratic transition of power in Venezuela." The Bank of England awaits a UK Court order to determine legal authority over the account.