The Governor of the National Bank of Serbia (NBS), Jorgovanka Tabaković, announced in parliament that proposed amendments to the Law on the National Bank of Serbia grant the central bank the right of first refusal for purchasing gold and other precious metals produced in Serbia. Under the new law, producers will be obligated to offer gold, silver, and other precious metals to the NBS at market prices.
Tabaković assured that the amendments would not harm competitiveness but emphasized that this move ensures the security of Serbia’s economy, citing the significant role of gold in the country’s foreign exchange reserves. As of late 2023, the NBS held 47.9 tons of gold, which accounted for 13.4% of the nation’s total foreign exchange reserves, a significant increase since 2012.
In 2024 alone, the NBS purchased 2.9 tons of domestically produced gold and a total of 10.4 tons from RTB Bor since 2018. The central bank also added 5 tons of gold from abroad in July 2024, bringing the total gold purchased from international markets since 2019 to 17 tons.
The purchase of domestic gold is particularly valuable as it directly increases Serbia’s foreign exchange reserves, with payments made in dinars, unlike foreign purchases, which are made in foreign currencies. This strategy aligns with the NBS’s commitment to strengthening Serbia’s financial security.
