The National Bank of Serbia plans to withdraw its gold reserves from international depositories and bring the bullion back to its territory in fears of the “increased global uncertainty.”
“By returning gold to the country, the National Bank of Serbia sought to increase the availability and security of gold reserves in periods of crisis and uncertainty,” Bloomberg quotes the bank’s representatives as saying.
At the same time, the bank of this Balkan country has been accumulating gold, buying 17 tons of the yellow metal for its reserves in 2019-2024. The current gold reserves in Serbia now amount to 50.5 tons worth $6 billion. Out of this amount, only 5 tons bought in 2024 are stored in Switzerland, the rest being held in the capital Belgrade.
Serbia weighed the pros and cons of bringing the bullion back before deciding to repatriate, the central bank said, noting that having the gold in market hubs makes it easier to sell or lend.
In 2022, Serbian president Alexander Vucic cited Russia’s example as reason to keep gold reserves within national borders after Western nations had frozen around $300 billion worth of Russian assets in response to its invasion of Ukraine.
Theodor Lisovoy, Managing Editor, Rough&Polished
