Gold reserves have increased significantly, we currently have 37.3 tons

Tabaković: Gold reserves have significantly increased, we currently have 37.3 tons

Due to the increased global uncertainty, the NBS has decided to further increase the security and availability of gold reserves, says the governor of the National Bank of Serbia, Jorgovanka Tabaković.

Reserves have increased significantly in recent years, and since the end of 2021, the central bank has 37.3 tons of gold at its disposal.

She is in a Christmas interview for News said that Serbia bought gold on the international market at the end of 2019, when nine tons were bought, and at the end of 2020, when three tons were purchased.

“Our analyzes when making the decision to buy gold are based on the projection of long-term trends and additional strengthening of the security of our financial system,” said Tabaković.

She stated that gold is the most important custodian of values ​​in the long run and a guarantor of protection against inflation and other risks, which, she says, is especially important in times of crisis and uncertainty.

She pointed out that the current gold reserves are 37.3 tons and that they have more than doubled compared to the end of 2012 because there were 15.3 tons at that time, and added that the value of gold has tripled from 0.6 to 1.9 billion euros.

“Purchase of gold strengthens the country’s financial stability”

Tabakovic said that when that price is compared to the current price of around 1,800 dollars, the conclusion is that foreign exchange reserves have increased by about 78 million dollars, stating that the decision to buy gold has strengthened Serbia’s financial stability.

Asked whether Serbia will continue to buy gold, Tabakovic said that foreign exchange reserves are managed by taking into account their security and liquidity, and at the same time striving to ensure their maximum profitability, and that future decisions will be based on these principles.

“On the domestic market, we regularly buy gold bars from the company ‘Srbija Zidjin koper’ from Bor, in my mandate, more than 10 tons of gold were bought that way. In the next period, we will increase gold from domestic production, and there is also space for buying on the international market “, states the NBS governor.

“Inflation is a global phenomenon”

Answering the question about the jump in prices in the second half of 2021 and what awaits us in the coming period, the governor said that inflation is a global phenomenon and that the factors that affect its growth mostly come from the international environment.

“We are convinced that inflation will be declining for most of next year, and will most likely return to the three-plus-minus 1.5 percent target in the middle of the year, where it should remain in the medium term.” says Tabaković.

When it comes to whether the dinar exchange rate against the euro will remain the same, the governor notes that the relative stability of the exchange rate for more than nine years is a “strong anchor” that contributes to achieving numerous goals – price and financial stability, increasing business certainty and for citizens when making savings and spending decisions.

“That is why there is no alternative for us. “Our country is open and integrated into international economic flows, so not only domestic factors but also factors from the international environment act on the foreign exchange market,” says Tabaković.

Source: News, RTS

Photo: Beta / Government of Serbia / Slobodan Miljevic

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