Financial consultant Vladimir Vasić stated that repatriating all gold reserves currently held abroad, valued at around six billion dollars, is a good strategic decision by the National Bank of Serbia (NBS). This move adds an extra layer of security and safety in managing the country’s foreign exchange reserves. He highlighted that Serbia has been gradually building its gold reserves, and given the current geopolitical tensions involving Ukraine, Russia, the EU, and the US, repatriating gold from foreign centers—where many countries traditionally store their reserves—makes strategic sense.
Regarding investor confidence and Serbia’s international financial reputation, Vasić said this step would boost investor trust and potentially improve Serbia’s borrowing conditions on foreign markets.
On the impact of gold repatriation on the Serbian dinar exchange rate, Vasić emphasized that, in the long term, it contributes significantly to the stability of the dinar and overall macroeconomic stability. Gold reserves serve as a safety buffer, allowing the country to cover three to six months of foreign trade payment obligations during crises, which directly or indirectly supports investor confidence.
When asked if Serbia should increase its gold reserves further, Vasić replied that while the current amount is sufficient to maintain stability, future decisions depend on economic conditions, the strength of the economy, and Serbia’s strategic goals. He added that while it is beneficial for foreign reserves to grow, the key is how effectively these reserves are managed to generate financial returns and achieve the NBS’s objectives.
