Serbia’s central bank has taken significant steps to incorporate domestic gold production into its reserve strategy, becoming the exclusive purchaser of gold sourced from Zijin Mining’s operations in Bor. This move represents a strategic pivot in the nation’s approach to building its reserves.
Data from the National Bank of Serbia indicates that in 2025, the central bank acquired 344 gold bars, totaling approximately 4.3 tonnes. This figure marks a record for annual gold acquisitions from domestic sources. The initiative establishes a self-contained system where gold mined in Serbia is directly integrated into the national reserves instead of entering global markets.
This policy is part of a broader trend toward enhancing Serbia’s reserve accumulation, with total gold holdings now exceeding 53 tonnes, more than double the levels recorded a decade ago. The strategy aims to bolster resource sovereignty by minimizing reliance on international markets and mitigating risks associated with foreign exchange fluctuations and supply chain disruptions. Additionally, it ensures that the economic benefits derived from local mining activities remain within the country’s financial framework.
Zijin Mining plays a pivotal role in this initiative. Since acquiring a controlling interest in the Bor mining complex in 2018, Zijin has significantly increased both copper and gold production capacities, positioning Serbia as a more prominent player in the gold market.
The financial ramifications of this policy extend beyond mere reserve accumulation. By converting mining output into monetary assets through domestic purchases, the central bank enhances its balance sheet and lessens dependence on external strategies for reserve diversification. However, this model introduces potential concentration risks, as the central bank’s sole reliance on Zijin for gold purchases may limit pricing competition and create vulnerabilities linked to the stability of this single producer.
On a macroeconomic level, Serbia’s approach aligns with a global trend among central banks, particularly in emerging markets, to increase gold holdings as protection against inflation and geopolitical uncertainties. Unlike many other nations that primarily depend on international acquisitions, Serbia’s strategy emphasizes domestic production.
This hybrid model of reserve-building combines elements of commodity strategy with industrial policy. Gold is redefined not merely as a passive reserve asset but as an integral part of Serbia’s mining and monetary landscape.
In this context, the Bor mining complex emerges as more than just an industrial site; it becomes a crucial link between natural resources, foreign investment, and national financial policy—underscoring Serbia’s evolving economic resilience amid global volatility.
