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Hungary takes gold reserves back home
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The National Bank of Hungary announced the return of the country’s 100,000 ounces of gold reserves to Budapest from London.
The central bank’s management decided to keep the gold reserves in the country, so that could further strengthen market confidence in Hungary.
The roughly three tonnes of gold have a market value of 130 million dollars.
The NBH noted that some central banks in Europe, such as those in the Netherlands, Germany and Austria, had recently decided to take home part of their gold reserves.
Another aspect that has become quite important recently is the keeping of gold reserves in places that would be safe even in case of a potential geopolitical crisis.
According to mnb.hu, the National Bank of Hungary has been keeping gold reserves since its foundation in 1924. The amount was continuously growing until WWII, after which 30 tons of gold was delivered to Spital am Pyhrn. The gold reserves were taken back to Hungary shortly after the end of the war.
