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.
read also:
Second biggest Hungarian bank cooperates with Bank of China, inflation falls in Hungary
please make a donation here
Hot news
Momentous construction to begin soon on Hungary’s southernmost Danube bridge
Discover the best clubs and pubs in Pécs for an unforgettable night out!
English proficiency ranking: Hungary among top 20, Romania and Bulgaria perform better
Shocking: Massive cockroach infestation taking over Hungary?
Hungarian and Ukrainian foreign ministers hold talks in Budapest to strengthen relations
Autumn parliamentary session started – PM Orbán: ‘We’ll transport migrants banging on Hungary’s doors to Brussels’ main square’