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Gold and Foreign Exchange Reserves: Venezuela

Question for Treasury

UIN HL11688, tabled on 21 November 2018

To ask Her Majesty's Government what assessment they have made of (1) the benefits to the UK of holding gold reserves for the central bank of Venezuela, and (2) the value of gold held by the Bank of England for the central bank of Venezuela; and whether they have a role in intervening if a request is made to repatriate any such gold.

Answered on

5 December 2018

HM Treasury is unable to substantiate whether the Bank of England holds gold for the Central Bank of Venezuela as that is a matter for the Bank of England. HM Treasury has not made an assessment of the benefits to the UK of the Bank of England holding gold reserves for other central banks. Holding gold reserves on behalf of any foreign central bank is a matter for the Bank of England. The Bank of England does not share information on which central banks it holds gold reserves on behalf of or the value of that gold as this would contradict their customer confidentiality obligations.

Answered by

Treasury