Venezuela Nears Gold Reserve Deal

The Financial Times reported that the Venezuelan government and opposition are heading towards an agreement to transfer the Central Bank's gold reserves, estimated at around four billion dollars, to the Federal Reserve Bank in New York from the Bank of England. Under this agreement, the interim government led by Delsy Rodriguez will be granted legal control over the gold, with a restriction on its immediate sale. It is believed that these reserves could be used as collateral for government borrowing to fund reconstruction efforts after the two earthquakes that struck the country in June, as Venezuela seeks to recover its gold assets to confront accelerating inflation.

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