The Central Bank of Serbia plans to transfer all the country's gold reserves worth about $ 6 billion to its territory in order to ensure the safety of reserves in times of crisis. This is reported by Bloomberg.
"By returning gold to the country, the National Bank of Serbia sought to increase the availability and security of gold reserves in times of crisis and uncertainty," the Central Bank said in response to relevant questions.
Efforts to recover gold began in 2021 amid "heightened global uncertainty," they added.
Thus, Serbia will become the first Eastern European country that will not store its bullion in traditional centers such as Switzerland, the United Kingdom and the United States, the agency notes.
According to him, from 2019 to last year, Serbia purchased 17 tons abroad in addition to at least 19 tons from Zijin Mining Group Co. Thus, the total reserves amounted to 50.5 tons, all of them are stored in Belgrade, with the exception of 5 tons purchased in 2024 and still located in Switzerland. These five tons will be delivered to Serbia "as soon as possible."
The pace of gold accumulation by global central banks has doubled after Russia's foreign exchange reserves were frozen in 2022, which highlights the political risk of owning assets denominated in dollars and euros. Storing gold bars inside the country protects them from this kind of foreign interference, the agency adds.