Venezuelan authorities plan to focus on reconstruction efforts and recovering around 31 metric tons of gold, worth an estimated $4 billion, held in the Bank of England's underground vaults, National Assembly Chief Jorge Rodríguez said, as monthly inflation surged to 20 per cent.
The gold has been at the centre of a long-running legal dispute in British courts. The Bank of England has refused to release the bullion because it did not recognise the legitimacy of former President Nicolás Maduro's government.
It has remained frozen despite Maduro's capture by the U.S. in January and a request by acting President Delcy Rodríguez to King Charles.
Jorge Rodríguez said the government and lawmakers had agreed to prioritise reconstruction projects focused on housing, healthcare, electricity and debris removal, with the recovery of Venezuela's international assets forming part of those efforts.
The plan comes after devastating twin earthquakes struck the country at the end of June, killing more than 6,000 people and causing widespread damage.
Venezuela's central bank said the disaster contributed to a sharp rise in inflation as disruptions affected the distribution of goods. Monthly inflation reached 19.9 per cent in July, up from 13.8 per cent in June, while year-on-year inflation stood at 575.9 per cent, according to Reuters calculations based on central bank data.
The bank expects inflation to ease in August.
At the same press conference, Venezuela's ruling Chavistas and opposition agreed to replace all judges on the Supreme Court of Justice (TSJ), marking one of the first agreements reached through U.S.-backed dialogue aimed at facilitating a political transition.
Opposition delegation head Dinorah Figuera said implementation would begin in August.
"The timeline for implementing the agreements will begin this August with official announcements and concrete actions, under a continuous working mechanism that ensures strict compliance with each commitment," Figuera noted.
Jorge Rodríguez said both sides had also agreed to establish mechanisms for transparency, traceability and auditing to ensure the recovered assets are used efficiently for the benefit of those affected by the earthquakes.
Democrats' sweeping victory in the U.S. midterm elections has sent technology stocks plunging, as investors fear tougher AI regulations could s...
U.S. Defense Secretary Pete Hegseth has vowed to fight attempts to impeach him, dismissing the growing campaign against him as politically motivate...
Russia and Iran have signed new documents to allow engineering surveys along the full route of the Rasht-Astara railway, a long-delayed link betwee...
Romanian authorities said late on Thursday that two additional planes had received bomb threats including a KLM flight to Tel Aviv that had a layover in Bucharest.
U.S. Vice President JD Vance has blamed the war with Iran for the Republicans' defeat in the 2026 midterm elections, arguing that voters who supported President Donald Trump in 2024 turned to the Democrats because of foreign policy and economic concerns.
The war between Russia and Ukraine continued to claim civilian lives this week even as diplomatic activity intensified ahead of planned peace discussions in Abu Dhabi.
As oil prices surge amid conflict in the Gulf, energy leaders at ADIPEC in Abu Dhabi are confronting two major challenges: securing global supplies and meeting soaring electricity demand from artificial intelligence.
A British healthcare worker who contracted Ebola while working in the Democratic Republic of Congo is being transferred to the United Kingdom for specialist medical care, according to British authorities.
Democrats' sweeping victory in the U.S. midterm elections has sent technology stocks plunging, as investors fear tougher AI regulations could slow infrastructure development and threaten the boom that has driven market gains this year.
U.S. Defense Secretary Pete Hegseth has vowed to fight attempts to impeach him, dismissing the growing campaign against him as politically motivated amid mounting criticism of his handling of the war in Iran.
Russia and Iran have signed new documents to allow engineering surveys along the full route of the Rasht-Astara railway, a long-delayed link between the two countries’ rail networks.
Romanian authorities said late on Thursday that two additional planes had received bomb threats including a KLM flight to Tel Aviv that had a layover in Bucharest.
China has said it looks forward to a deeper and more practical relationship with North Korea, in the latest sign of warming ties between the two neighbours.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment