Venezuela pushes for release of UK-held gold to fund post-quake rebuilding

Venezuelan authorities are prioritising reconstruction projects and the retrieval of gold reserves held in the Bank of England, according to one outlet Assembly chief Jorge Rodriguez. The gold, estimated at $4 billion and weighing about 31 metric tons, has been locked in underground vaults because the UK does not recognise President Nicolas Maduro’s administration. Acting President Delcy Rodriguez has formally asked King Charles to intervene.

The country is still reeling from twin earthquakes in late June that caused more than 6,000 deaths and disrupted supply chains, pushing monthly inflation to 20% in July. The central bank attributes the price spike to the disaster and expects a modest decline in August. Officials say the recovered assets will fund efforts to rebuild housing, health capacity, electricity networks and clear rubble.