The Republic will become the first country in Eastern Europe not to store its gold bullion abroad.
“By returning gold to the country, the Halyk Bank of Serbia aims to increase the availability and safety of gold reserves in times of crisis and uncertainty,” the regulator said. It added that efforts to repatriate Serbia’s gold reserves began in 2021 “in the face of increased global uncertainty.”
From 2019 to 2024, Serbia bought 17 tons of gold abroad, with at least 19 tons stored with the local unit of Zijin Mining Group Co. That brings the republic’s total reserves to 50.5 tons, all stored in Belgrade except for 5 tons bought last year – that amount of gold is still held in Switzerland. At current spot gold prices, it is valued at about $6 billion, Bloomberg reports.
The remaining volumes of gold will be returned to Serbia “as soon as possible,” Central Bank Governor Jorgovanka Tabakovic said last week. The Central Bank emphasized that it weighed the pros and cons before deciding on the repatriation.
