Reserves of 36.3 tons of gold guarantee the security of Serbia

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The Governor of the National Bank of Serbia, Jorgovanka Tabakovic, states that Serbia has 36.3 tons of gold in its foreign exchange reserves.

Speaking on RTS, Tabakovic stated that 36.3 tons of gold guarantee security to the state, but also to everyone who wants to work with the state.

“Today, Serbia has 36.3 tons of gold. In 2019, we bought nine tons of gold, we bought gold abroad for the first time, when no one even expected it to happen. And then in 2020 we bought three more tons of gold, and in 2012 we inherited 15.3 tons of gold,” states Tabakovic.

She points out that the reserves of 36.3 tons of gold provide security for both citizens and investors.

“Today, all 36.3 tons of gold are in the vault of the National Bank of Serbia, they are not abroad. Those 12 tons of purchased gold are in Serbia and they give security to citizens, but also to investors that Serbia takes care of its long-term interest, keeps foreign exchange reserves in one part, we have increased gold from six percent to 12 percent, the share of total foreign exchange reserves that it does not spend – those foreign exchange reserves do not spend,” explains Tabakovic.

He explains that the NBS does not make any decisions hastily and recklessly, and that the moment of buying gold was carefully chosen.

“We worked very deliberately on that policy and chose the moment of buying gold and agreed with the president on how to reduce the costs of maintaining foreign exchange reserves, that foreign exchange reserves follow the structure of debt in euros and dollars, but that this surplus would be what you as citizens save – we translate into gold,” explains the Governor.

She says that the results of the National Bank were achieved with the help of the President and the Government of Serbia.

She reminds that at the beginning of the crisis, the National Bank provided liquidity to the state and the economy, but also to banks as the first and last refuge.

“All the time, we took care not to endanger either price stability or inflation. During the year, we very quickly led to everyone knowing that they have a secure foothold in the National Bank in Serbia,” Tabakovic states, B92 reports.