Freezing of Assets: Venezuela

Treasury written question – answered on 15th March 2019.

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Photo of Helen Goodman Helen Goodman Shadow Minister (Foreign and Commonwealth Affairs)

To ask the Chancellor of the Exchequer, what the legal basis was for the Bank of England’s decision to freeze approximately 1125 gold bars stored by the Venezuelan central bank in November 2018.

Photo of Robert Jenrick Robert Jenrick The Exchequer Secretary

Holding gold reserves on behalf of any foreign central bank is a matter for the Bank of England. Ultimately, the Bank is responsible for dealing with requests from its customers should they wish to repatriate their gold. HM Treasury only has direct control over the UK Government’s own holdings of gold within its official reserves, which are held at the Bank of England.

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