The National Bank of Serbia (NBS) has decided to repatriate all remaining gold reserves, worth approximately six billion dollars, back to the country from abroad. This strategic move aims to ensure maximum security and accessibility of the gold in times of potential crises and global uncertainty.
The repatriation process began in 2021, and recently, Governor Jorgovanka Tabaković confirmed that the remaining five tons currently held in Switzerland will be transferred to Serbia “as soon as possible.” Serbia has significantly increased its gold reserves in recent years, purchasing 17 tons abroad from 2019 to last year, along with at least 19 tons acquired from the domestic company Zijin. The total gold reserves now amount to an impressive 50.5 tons, with most of it already stored in Belgrade except for the remaining five tons.
This decision reflects a global trend among central banks to accumulate more gold, especially after the freezing of Russian foreign exchange reserves in 2022. Bloomberg highlights that such events emphasize the political risks of holding assets denominated in dollars and euros, and keeping gold bars domestically offers protection against potential foreign interference.
