NBS governor: A country’s gold reserves symbol of responsibility, resilience, trust

On the second day of the Executive Forum on Gold Reserves Management in Basel, Tabakovic emphasized that this important gathering was taking place in a year that will be remembered as one of the most significant in the history of the modern gold market.

“We have gathered in a year in which this precious metal has increased its value by more than half compared to the previous year and repeatedly reached new historical highs; a year in which central banks continued their strong demand after three consecutive years of buying more than 1,000 tons annually; and a year in which gold, after many decades, once again became not only a symbol but an instrument of monetary sovereignty, resilience and trust,” the NBS quoted her as saying.

She noted that Serbia holds 52.3 tons of gold, valued at nearly six billion euros, representing more than one-fifth of the country’s total foreign exchange reserves.

“When I assumed office as Governor in August 2012, Serbia’s gold reserves amounted to 14.8 tons, valued at around 600 million euros. Gold accounted for less than six percent of total reserves. Today, Serbia holds more than three times as much gold as it did at the end of July 2012, while the value of these reserves has increased tenfold. This is a confirmation that our economic policy rests on long-term security rather than short-term impulses,” Tabakovic said.

She emphasized that Serbia now holds more gold than all the former Yugoslav republics combined.

“More than most Central European economies. More per capita than any country in the Western Balkans. This was never a race for quantity. It was a race for responsibility. Our path to 50 tons was neither abrupt, nor accidental, nor impulsive. It was the result of a consistent strategy resting on three pillars: long-term vision, a smart combination of domestic and international purchases, and precise timing of our entry into global market flows,” stressed Tabakovic.

The three-day event, jointly organized by the World Gold Council (WGC) and the Bank for International Settlements (BIS), brings together top representatives of central banks, international financial institutions, and leading experts on the global gold market from more than 40 countries.

The Executive Forum is one of the most eminent global gatherings dedicated to the role of gold in monetary and financial systems and is traditionally held as part of the international activities of these two institutions, the NBS said in a press release.