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Venezuela asks Bank of England to sell its gold to UN for coronavirus relief, sources tell Reuters
By Corina Pons and Mayela Armas
Reuters
Wednesday, April 29, 2020
CARACAS -- Venezuela is asking the Bank of England to sell part of the South American nation's gold reserves held in its coffers and send the proceeds to the United Nations to help with the country's coronavirus-fighting efforts, according to two sources with knowledge of the situation.
For decades Venezuela stored gold that makes up part of its central bank reserves in the vaults of foreign financial institutions including the Bank of England, which provides gold custodian services to many developing countries.
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But the Bank of England has since 2018 refused to transfer the 31 tonnes of gold to the government of President Nicolas Maduro, whom Great Britain has refused to recognize as the country's legitimate leader after his disputed 2018 re-election.
The effort signals that Maduro is desperately seeking financial resources around the world as the country's economy struggles under low oil prices, crippling U.S. sanctions and a paralyzing coronavirus quarantine. ...
... For the remainder of the report:
https://www.reuters.com/article/us-health-coronavirus-venezuela-gold-exc...
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