World Gold Council: Serbia timely recognizes importance of gold for long-term security

At a meeting of representatives of the National Bank of Serbia (NBS) and the World Gold Council in Bangkok, it was concluded that Serbia has timely recognized the importance of gold for long-term security.

During the Annual Meetings of the IMF and the World Bank Group, it was concluded that Serbia is among the countries that timely recognized that in a world of growing geopolitical and economic risks, gold has a special role in preserving national financial security, and that today more and more central banks are following the same approach, the NBS announced.

The bank points out that the results of the NBS long-term strategy are a record high 55.3 tons of gold reserves and EUR 6.5 billion in gold reserve value, accounting for about 22% of gross FX reserves.

Also, 2.8 tons of gold have been purchased from domestic production since the beginning of the year, turning domestic mineral resources into lasting financial security for Serbia.

Representatives of the World Gold Council highlighted the NBS's practice of purchasing gold from both international markets and domestic production, noting that similar approaches have attracted increasing interest in other parts of the world.

For the NBS, gold has never been a matter of prestige, the bank points out, but of security and responsibility towards the future. It adds that, therefore, it will continue to strengthen its reserves with gold from domestic production in the coming period.

Narodna banka Srbije Beograd

National Bank of Serbia

World Gold Council

gold reserves