Serbia will repatriate all its gold reserves to the country — Bloomberg
July 24, 2025 19:30
The Serbian Central Bank in Belgrade. Photo.
Bloomberg reports that the Serbian Central Bank plans to transfer all of the country's gold reserves, worth approximately $6 billion, to the domestic territory to ensure the safety of reserves during crises.
The Central Bank of Serbia responded to the question by saying, "By repatriating the gold, the National Bank of Serbia aims to enhance the accessibility and security of gold reserves during times of crisis and uncertainty."
The bank added that the work of repatriating gold started in 2021 against the backdrop of "increasing global uncertainty."
Bloomberg pointed out that with this move, Serbia will become the first Eastern European country not to store gold ingots in traditional centers such as Switzerland, the UK, and the US.
According to its information, between 2019 and last year, Serbia purchased an additional 17 tons of gold abroad, and also bought at least 19 tons from Zijin Mining Group Co. Therefore, the total gold reserves reached 50.5 tons. Except for the 5 tons purchased in 2024, which are still stored in Switzerland, the rest are stored in Belgrade. This 5 tons of gold will be "as soon as possible" repatriated to Serbia.
Bloomberg said that after Russia's foreign exchange reserves were frozen in 2022, central banks around the world doubled their pace of increasing gold holdings, highlighting the political risks of holding assets denominated in dollars and euros. Storing gold ingots domestically can protect them from such foreign interference.
Original: https://www.toutiao.com/article/7531267294438359606/
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