NBS listens to Vucic: 9 TONS of GOLD bought in a month

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Governor of the National Bank of Serbia (NBS) Jorgovanka Tabakovic has said the central bank bought nine tons of gold in October for the first time on the international market, paying EUR 395 million for the transaction. “Serbia can boast of diversifying its foreign currency reserves with the highest quality assets,” Tabakovic said at the presentation of the monthly inflation report. She pointed out that NBS’s gross foreign currency reserves exceeded EUR 14 billion and that net foreign currency reserves were EUR 12 billion. These foreign currency reserves also include gold that Serbia owns, a total of 30.4 tons, accounting for about 10 percent of foreign currency reserves, worth EUR 1.3 billion. One ton of gold purchased, as she said, is “kept in a safe place, in the Swiss central bank, for the purpose of protection against any risk in the international environment”, among other things, because transport costs are high and there are no storage costs. Serbian President Aleksandar Vucic has repeatedly advised the NBS to buy gold. “The new projection of the NBS is that the growth of the gross domestic product (GDP) of Serbia this year will be 3.6 percent, instead of the previously forecast 3.5 percent, and the growth could also be even higher,” Tabakovic said. Tabakovic pointed out that foreign currency and dinar savings were growing, savings in dinars even faster, amounting at the moment to RSD 74 billion.

Source: Beta

Photo: Pixabay