NBH raises gold reserves to 110 tonnes

Written by BT/MTI

The National Bank of Hungary (NBH) has decided to raise the volume of monetary gold in its international reserves from 94.5 tonnes to 110 tonnes, the central bank said on Monday.

The decision was supported by strengthening global economic, geopolitical and capital market trends that have led to the appreciation of the role of gold in recent years, the NBH said. Amid increasing uncertainty in the global economy, gold has a heightened significance as a refuge asset and strengthens confidence in the country as well as supporting financial stability, it added.

Hungary has the highest volume of gold reserves per capita in Central and Eastern Europe.