Source: Tanjug | Friday, 23.10.2020.| 10:56
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Serbia Increases Gold Reserves by 10 Tons in a Year – Price Jumps by 30%

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In a year, Serbia has increased its gold reserves by over 10 tons, amounting to 32 tons of gold at the moment. According to TV Prva, in the past year, the price of gold has jumped by as much as 30%, standing at nearly USD 2,000 per ounce.

The FX reserves of Serbia are EUR 13 billion, and the gold makes up EUR 1.6 billion of it. This comes in the form of exactly 2,500 bars, each weighing two and a half kilograms, TV Prva says.

– This provides security. In the situations when exchange rates oscillate a lot and there are negative consequences of the epidemic and deficits in many countries, gold has become something that the citizens and investors perceive as safe – says Serbian Finance Minister Sinisa Mali.

The governor of the National Bank of Serbia, Jorgovanka Tabakovic, said for TV Prva that Serbia had bought gold with a specific purpose in mind.

– We have very deliberately bought gold, because what's there in paper and in foreign currency doesn't only bring a positive interest, but also causes expenditures. We live in a time when money is spent, not earned – she said.

After Serbia, the country in the region with the biggest gold reserves is North Macedonia, with nearly seven tons. Slovenia has three, BiH nearly as much, Montenegro has deposited a ton for the loans taken, and Croatia is at zero, as it has sold all its gold.
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