Hungary’s gold reserves are remarkably large both in international comparison and per capita, and not all of it is stored in Budapest. We’ve gathered 5+1 surprising facts about Hungary’s gold that you probably didn’t know!

1. Hungary’s gold reserves are significant even by global standards

The Hungarian National Bank holds gold reserves that rank high internationally. Within the Central and Eastern European region, Hungary boasts the highest per capita gold reserve.

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2. Not all of Hungary’s gold is stored domestically

Following a major gold purchase last year, Hungary’s total gold reserves rose to 110 tons. However, only part of it is actually stored in the vaults of the Hungarian National Bank. Specifically, 94.73 tons are readily accessible, while the remaining 15.5 tons are kept much farther away: in London, at the Bank of England vault.

3. The nation’s gold was sold off after the fall of communism

Policymakers at the time believed that gold had lost its monetary importance and decided to minimise the central bank’s holdings. As a result, the reserves shrank from 46 tons to a mere 3.1 tons. Simultaneously, it was decided that the remaining gold would be stored in the Bank of England’s vaults.

4. Hungary began rebuilding its gold reserves in 2018

In 2018, the leadership of the National Bank decided to increase gold holdings significantly. The reserves expanded from 3.1 tons to 110 tons. As a result, Hungary’s gold per capita rose to 0.37 ounces.

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5. Gold doesn’t determine how much forint gets printed

At the start of the 20th century, paper money required gold backing. For example, 1 forint was worth 0.0757575 grams of gold when introduced in 1946. Hungary moved away from the gold standard during the centrally planned communist era of the 1950s, and since then, printing forints has not been tied to the amount of gold in the central bank.