National Bank of Hungary raises gold reserves to 110 tonnes

The National Bank of Hungary (NBH) has decided to raise the volume of monetary gold in its international reserves from 94.5 tonnes to 110 tonnes, the central bank said on Monday.

The decision was supported by strengthening global economic, geopolitical and capital market trends that have led to the appreciation of the role of gold in recent years, the NBH said. Amid increasing uncertainty in the global economy, gold has a heightened significance as a refuge asset and strengthens confidence in the country as well as supporting financial stability, it added.

In line with long-term national and economic strategy objectives, the MNB more than tenfold increased its gold reserves to 31.5 tonnes in 2018, and tripled them to 94.5 tonnes in 2021. By increasing the current gold reserve to 110 tonnes, the MNB continued the gold buying process started in 2018 to achieve its long-term national strategic goals. The Hungarian gold reserve has thus risen to a record level.

Hungary has the highest volume of gold reserves per capita in Central and Eastern Europe.

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