Serbia’s monetary authorities have moved decisively to internalize domestic gold production, with the central bank emerging as the sole buyer of gold produced by China’s Zijin operations in Bor, marking a strategic shift in how the country builds its reserve base.
According to data from the National Bank of Serbia, the institution purchased 344 gold bars in 2025, with a total weight of approximately 4.3 tonnes, representing a record annual acquisition from domestic production.
This approach effectively creates a closed domestic loop: gold extracted from Serbian mines—primarily operated by Zijin Mining through its Serbian subsidiary Serbia Zijin Bor Copper—is absorbed directly into national reserves rather than entering global commodity markets.
The policy reflects a broader acceleration in reserve accumulation. Serbia’s total gold holdings have risen to more than 53 tonnes, marking a historic high and more than doubling levels seen a decade earlier.
At a structural level, the strategy signals a deliberate reconfiguration of resource sovereignty. By purchasing domestically produced gold, the central bank reduces exposure to international markets, foreign exchange volatility, and external supply disruptions. It also ensures that value generated from domestic mining activity is retained within the country’s monetary system.
The role of Zijin is central to this model. Since acquiring a majority stake in the Bor mining complex in 2018, the Chinese group has transformed production capacity, expanding both copper and gold output. This has enabled Serbia to transition from a marginal gold holder to a country with a growing and increasingly strategic reserve position.
The financial implications extend beyond reserve accumulation. Gold purchases from domestic production effectively convert mining output into a monetary asset, strengthening the central bank’s balance sheet while reducing reliance on external reserve diversification strategies.
At the same time, the model introduces a degree of concentration risk. With the central bank acting as the only buyer, pricing dynamics are less exposed to market competition, and the system depends heavily on the stability and output of a single dominant producer.
From a macroeconomic perspective, the policy aligns with a broader global trend. Central banks—particularly in emerging markets—have been increasing gold holdings as a hedge against inflation, currency volatility, and geopolitical uncertainty. Serbia’s approach differs in execution, however, by leveraging domestic production rather than relying primarily on international purchases.
What emerges is a hybrid model of reserve-building: part commodity strategy, part industrial policy. Gold is no longer treated solely as a passive reserve asset but as an integrated component of Serbia’s mining, export, and monetary framework.
In this configuration, the Bor mining complex is not just an industrial asset but a strategic node linking natural resources, foreign investment, and sovereign financial policy—anchoring Serbia’s evolving approach to economic resilience in an increasingly volatile global environment.
