Venezuela Launches Bid to Access $1 Billion in BoE Gold

Following a request in April for that Bank of England to transfer over $1 billion of Venezuelan gold reserves that it is retaining, the central bank of Venezuela has now launched a legitimate challenge against BoE.

Venezuela has stated that it intends to sell part of its gold reserves and also have the proceeds used in the Un, who can then oversee its use in funding the nation's healthcare system as it battles the COVID-19 pandemic.

Venezuela's economy has collapsed throughout the term of president Nicholas Maduro, that has prompted over 4.6 million individuals to flee the country by UN estimates.

Several nations, including the US and UK, don't recognise Maduro's leadership, and Venezuela's economy continues to be further damaged since US sanctions were put on the country.

As a result of these sanctions and Maduro's unrecognition through the UK government, BoE has delayed the change in Venezuelan gold since 2021.

Sarosh Zaiwalla, a London-based lawyer representing Venezuela's central bank, asserted “The foot-dragging through the Bank of England is critically hampering Venezuela and also the UN's efforts to combat Covid-19 in the country“, adding “With endures the road, now's not time to try to score political points“.

As of publication, the Venezuelan government has officially registered 618 installments of COVID-19 and 10 deaths, but health workers in the united states have warned that its medical system might be overrun should the outbreak spread further.