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Freezing of Assets: Venezuela

Question for Treasury

UIN 231403, tabled on 12 March 2019

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.

Answered on

15 March 2019

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.

Answered by

Named day
Named day questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.