The Central Bank of Venezuela has announced its intentions to use its gold reserves to tackle the economic effect caused by the COVID 19 pandemic.
Following this announcement, the Bank of Venezuela has instructed the Bank of England to release its gold value of about $1 billion (£820 million).
The Bank of Venezuela said they want the transfer made immediately to buy medical supplies for healthcare workers, medicine, food, etc.
A legal document submitted to the London Court from Venezuela’s capital, Caracas requests the Bank of England to sell off a part of its gold reserves stored in the bank and then transfer the proceeds to the United Nations to ensure it is not used for other purposes.
The Venezuelan economy is said to have suffered a great loss under the presidency of Nicolas Maduro. Nicolas Maduro is not recognised as the legitimate president of Venezuela by dozens of Nations, which includes the United States and the United Kingdom.
The Bank of England is yet to respond to the request made from the Venezuela capital. The legal documents submitted to the London Court from Caracas was filed on the 14th of May. Venezuela has confirmed 749 cases of the COVID 19 virus and has recorded 10 deaths.
