Gold repatriation

In 2014, there was a movement by some European states to return gold stored abroad back to the owner country.

The central bank of the Netherlands reduced its proportion of gold held by the New York Federal Reserve from 51% to 31%, and Austria and Belgium reviewed the possibility of taking similar measures.

In January 2012, however, Venezuela completed the move of 160 tons of gold bars (valued at about $9 billion) back home.

The operation was ordered by President Hugo Chávez in August 2011 and was overseen by Central Bank chair Nelson Merentes.

[2] In early November 2018, the Bank of England in London refused the withdrawal of 14 tons of gold owned by the BCV at the request of top U.S. officials, including Secretary of State Michael Pompeo and National Security Adviser John Bolton, who lobbied their U.K. counterparts to help cut off the government off from their overseas assets.