The National Bank of Hungary purchased 14.5 tons of gold at the end of September this year. Thus, for the first time in modern history, Hungary holds more gold reserves than Romania.
According to data from the National Bank of Romania (NBR), the official gold holdings of the country amount to 103.6 tons. Of this, about 61 tons (or 59%) are held in the vaults of the Bank of England. With this quantity.
When comparing the value of gold held to total international reserves, the precious metal accounts for 12% of Romania’s international reserve portfolio. Since 2005, this value has fluctuated constantly between 6.24% and 14.14%.
The main purpose of holding gold is to preserve the purchasing power of money, while also serving as a tool for maintaining independence from global financial market infrastructures, according to experts at Tavex.
Nevertheless, the National Bank of Romania did not consider necessary to expand its gold holdings, the last purchase being made in 2002, as the NBR’s declared aim is to keep the exchange rate between the leu and the euro stable.
