The National Bank of Serbia (NBS) plans to repatriate all of its gold reserves currently held abroad, making Serbia the first Eastern European country to store its entire gold reserves within its own borders.
Currently, Serbia holds five tons of gold abroad, located in a special account in Bern, Switzerland. These reserves, purchased in July 2024 through the Bank for International Settlements in Basel, will be transferred back to Serbia to enhance security during periods of crisis.
The NBS’s total gold reserves amount to 50.6 tons, valued at approximately 4.7 billion euros, constituting 16.7% of Serbia’s total foreign exchange reserves. Gold is acquired both as bullion on the international market and from the Chinese company Zijin Copper, owner of gold and copper mines in Bor, Serbia.
NBS Governor Jorgovanka Tabaković revealed that decisions on gold purchases and repatriation were made under the guidance of Serbia’s President Aleksandar Vučić. After Vučić inquired about the location of the country’s gold during a 2021 meeting, the NBS promptly organized the return of 12 tons of gold from abroad.
This is not the first repatriation effort: between 2021 and 2022, Serbia brought back 13 tons of gold from Bern and London. The move aligns Serbia with other central banks in Europe, such as Germany, the Netherlands, Austria, Poland, Hungary, and Romania, which have also repatriated gold reserves amid global uncertainties.
