Venezuelan authorities plan to focus on reconstruction efforts and recovering gold reserves worth an estimated $4 billion held in the Bank of England's underground vaults, National Assembly chief Jorge Rodriguez said on Wednesday (August 12), as monthly inflation surged to 20%.

The Bank of England has long refused to release some 31 metric tons of Venezuelan gold held in its vaults because it did not recognize the legitimacy of President Nicolas Maduro's government.

The bullion has been the subject of a long-running legal battle in British courts, and it has not been released despite Maduro's capture by the U.S. in January and a request by acting President Delcy Rodriguez to King Charles.

The South American nation was hit by devastating twin earthquakes at the end of June that killed more than 6,000 people.

Rodriguez said the government and lawmakers had agreed to focus on projects aimed at rebuilding households, health capacities, electricity availability and clearing rubble, and to this end, "concentrate efforts to promote the recovery of Venezuela's international assets in the Bank of England."

Venezuela's central bank said the earthquakes had contributed to inflation rising to 19.9% in July compared to 13.8% the prior month, as the disaster disrupted the distribution of goods. It said it expected inflation to decline in August. With July's result, year-on-year inflation stands at 575.9%, according to Reuters calculations based on figures from the central bank.

At the same press conference, Venezuela's ruling Chavistas and opposition agreed to replace all judges on the Supreme Court of Justice (TSJ) as part of the first agreements reached in U.S.-backed dialogue aimed at a political transition in the country.

Head of the opposition delegation, Dinorah Figuera, said the timeline for implementing the agreements would begin in August "with official announcements and concrete actions."

DESCRIPCIÓN DE IMÁGENES

1. NATIONAL ASSEMBLY CHIEF JORGE RODRIGUEZ ARRIVING TO MAKE STATEMENT

2. OPPOSITION REPRESENTATIVE, DINORAH FIGUERA, ARRIVING TO MAKE STATEMENT FOLLOWING A DIALOGUE MEETING

3. FIGUERA AND RODRIGUEZ SIGNING AGREEMENT

4. (SOUNDBITE) (Spanish) PRESIDENT OF THE NATIONAL ASSEMBLY AND HEAD OF THE GOVERNMENT DELEGATION, JORGE RODRIGUEZ, SAYING:

“It has been agreed to work on strengthening programs related to housing, electricity, healthcare, and debris removal. In this regard, both parties will focus their efforts on promoting the recovery of Venezuela’s international reserve assets held at the Bank of England, establishing mechanisms for transparency, traceability, and auditing to ensure their efficient use, in order to guarantee the well-being of all those affected.”

5. RODRIGUEZ AND FIGUERA ON STAGE

6. (SOUNDBITE) (Spanish) HEAD OF THE OPPOSITION DELEGATION, DINORAH FIGUERA, SAYING:

"Initiate a process that contributes to the transformation of the justice system, focused on:

a) Reforms to the Organic Law of the Supreme Court of Justice (TSJ) and other laws governing the justice system.

b) Renew and expand the judicial nominations committee.

c) Launching a new nomination process for the renewal and appointment of all TSJ justices.

Establish a committee to review the credentials and qualifications of male and female candidates for the Supreme Court of Justice (TSJ), in accordance with the provisions of the Constitution, the law, and the evaluation criteria."

7. RODRIGUEZ AND FIGUERA ON STAGE WITH OTHER OFFICIALS

8. (SOUNDBITE) (Spanish) HEAD OF THE OPPOSITION DELEGATION, DINORAH FIGUERA, SAYING:

"The timeline for implementing the agreements will begin this August with official announcements and concrete actions, under a continuous working mechanism that ensures strict compliance with each commitment. "

9. RODRIGUEZ AND FIGUERA AT THE END OF JOINT STATEMENT