The gold is being retained at the Bank of England as a result of U.K. and U.S. sanctions on the crisis-stricken South American country.
President Nicolas Maduro's administration has claimed it wants the Bank of England to sell part of the reserves in order to help fund the country's response to the coronavirus pandemic.
President Nicolas Maduro's administration has claimed it wants the Bank of England to sell part of the reserves in order to help fund the country's response to the coronavirus pandemic. Venezuela's central bank was not immediately available to comment when contacted by CNBC on Wednesday, while the Bank of England said it does not comment on individual customer relationships.The legal wrangling comes as Venezuela's health system continues to collapse, with many hospitals in the country struggling to care for patients in the absence of reliable electricity or even running water.
"The Bank of England has a moral imperative to allow Venezuela to sell the country's gold to allow the UNDP to effectively assist the Venezuelan population in the fight against Covid-19," he added.The Bank of England is the second-largest custodian of gold in the world, second only to the New York Federal Reserve.
A street in London, the United Kingdom, with Royal Exchange, Bank of England and new modern skyscrapers.The announcement came just days after opposition leader Juan Guaidoto declare himself as Venezuela's rightful commander-in-chief, claiming the result of the 2018 election had been fraudulent.
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