The Bank of England has a moral & professional imperative to release Venezuela’s gold

Political Concern

Will some central banks rethink their decision to store their nations’ gold reserves with the Bank of England?

Jane Croft reports that the UN has identified Venezuela as a “priority country” in its global Covid-19 response because its healthcare system is fragile. Revenue from oil, the mainstay of its economy, has fallen and customers have been deterred by US sanctions.

“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” (Sarosh Zaiwalla)

Venezuela’s central bank (BCV) has briefed London-based Zaiwalla & Co, to file a claim in London’s High Court. They seek a court order to transfer funds from the sale of the gold to the United Nations Development Programme (UNDP)

Its senior partner Sarosh Zaiwalla (right), a successful International arbitrator, claimed the BoE’s “foot dragging” is hampering Venezuela’s…

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