The British Financial Times quoted people familiar with the matter as reporting that the Venezuelan government and opposition are about to reach an agreement to transfer gold reserves worth about 4 billion US dollars from the Bank of England to the Federal Reserve Bank of New York. According to the terms currently being negotiated, this batch of gold may be used as collateral for government loans to fund fiscal expenses. The government will not be able to sell its gold holdings immediately, but it will have legal control over it. The Bank of England said that unless the English court issues a ruling clarifying the legal ownership of the account, the bank cannot perform the relevant operations. The British Foreign Office, the Venezuelan government, and the opposition all declined to comment.

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