Serbia will increase its gold reserves from 20 to 30 tons by the end of the year, and then to 50 tons over the next year, Vecernje Novosti reports.
The daily writes that this was practically determined after the meeting of Serbian President Aleksandar Vucic with the IMF delegation.
According to Novosti's information, President Vucic initiated the topic, and the IMF representatives told him that they had nothing against Serbia buying gold, if it fit into the country's strategy of increasing foreign exchange reserves.
The daily writes, citing unnamed sources, that, immediately after the meeting, the president called the NBS Governor, Jorgovanka Tabakovic, and the Serbian Finance Minister, Sinisa Mali, and “gave them a task: buy gold, Serbia has to be safe”.
According to the current NBS data, the foriegn exchange reserves of the central bank amount to EUR 11 billion. Serbia keeps most of it as securities (over EUR 6 billion) and cash and deposits abroad (over EUR 4 billion), whereas the said 20 tons of gold bars are worth EUR 767 million, Novosti adds.