Venezuela nears deal to shift $4bn gold reserve from Bank of England to New York
From the Newshound archive · first published 19 September 2026.
Venezuela's central bank holds about 31 metric tons of gold at the Bank of England, withheld since 2019 over a dispute about Nicolás Maduro's legitimacy.Venezuela's gold could be used as collateral for borrowings, including reconstruction costs following June's twin earthquake, under the proposed deal.
Venezuela's government and opposition are close to agreeing to transfer the country's central bank gold reserves, worth around $4 billion, from the Bank of England to the Federal Reserve Bank of New York. Under the proposed deal, the interim government led by acting President Delcy Rodriguez would gain legal control of the gold but could not sell it immediately, instead using it as collateral for borrowings including reconstruction after June's twin earthquake.
The Bank of England has withheld about 31 metric tons of Venezuelan gold since 2019, when Britain refused to recognise Nicolas Maduro's government as legitimate.
