Gold and Foreign Exchange Reserves: Venezuela

(asked on 10th January 2023) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of the decision by the Bank of England not to release gold deposited by the government of Venezuela on perceptions of the safety of the UK as a place to store assets.


Answered by
Andrew Griffith Portrait
Andrew Griffith
Minister of State (Department for Science, Innovation and Technology)
This question was answered on 16th January 2023

Holding gold reserves on behalf of foreign central banks is a matter for the Bank of England. Furthermore, the issue regarding control of the gold reserves is the subject of ongoing litigation and it would not be appropriate for HMT to comment. Neither HMT nor HMG are a party in the legal case. As such, HM Treasury has not made an assessment of the potential impact of the decision by the Bank of England not to release gold deposited by the government of Venezuela on perceptions of the safety of the UK as a place to store assets.

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