Germany brings back 674 tons of gold reserves from France & US
Some 53,780 gold bars, each weighing 12.5kg and worth €440,000, have been shipped to Germany over the last four years, said the bank. The last 100 tons were moved from Paris earlier this year, which means the Bundesbank now holds no reserves in France .
"This closes out the entire gold storage plan – around three years ahead of the time we were aiming for," said Carl-Ludwig Thiele, a member of the Bundesbank’s Executive Board.
The bank has already repatriated 940 tons of gold from London to save on storage fees.
In 2013 Germany said it planned to transfer at least half of the country’s gold to Frankfurt by 2020. The move was in response to public concerns about having so much of the nation’s wealth kept abroad.
Over 50 percent of Germany 's gold reserves are now in Frankfurt. The remainder is stored in London and New York, where it can be quickly exchanged for British pounds or US dollars in an economic emergency.
Germany is the world’s second biggest holder of gold with 3,374 tons. The US Federal Reserve holds the most bullion, its gold reserves amount to 8,134 tons, according to the World Gold Council. The UK holds 310 tons, and the European Central Bank 505 tons.
The Bundesbank has been criticized at home for keeping a major part of Germany’s gold reserves abroad. Critics demand the complete return of the gold to the country. They regard the gold as insurance in case of a crisis, and the immediate physical availability would be the decisive criterion.
Some even doubted the German gold was still physically there. The Bundesbank dismissed all the doubts, saying it received annual updates from foreign central banks where the gold was being stored. It said that the "integrity, reputation and security of these foreign depositories are beyond reproach."
- Pakistan Army airlifts 22 LUMS students trapped in Gilgit snow08:02 PM | 20 Jan, 2020
- Govt allows duty-free import of wheat to tackle crisis07:35 PM | 20 Jan, 2020
- PSL 2020 tickets to go up for sale tonight07:08 PM | 20 Jan, 2020
- Tourism industry sets to take off after govt embraces digitization07:06 PM | 20 Jan, 2020
- Pakistan squad for ICC Women’s T20 World Cup 2020 announced06:56 PM | 20 Jan, 2020
- Hira Mani thanks fans for showering her with love01:38 PM | 20 Jan, 2020
- Fahad Mustafa lauds Humayun Saeed for his acting in MPTH01:24 PM | 20 Jan, 2020
- Sarmad Khoosat considers withdrawing Zindagi Tamasha after hundreds ...01:01 PM | 20 Jan, 2020
- OGRA recommends hike in petroleum prices for January 202006:54 PM | 30 Dec, 2019
- Pakistan asks UNMOGIP to brief UNSC on Kashmir situation07:21 PM | 29 Dec, 2019
- 2020 will be year of development, prosperity: Firdous04:01 PM | 28 Dec, 2019
- Zameen.com launches new Plot Finder tool to facilitate online plot ...07:25 PM | 22 Nov, 2019