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Serbia will hold all its gold at home, shunning global hubs
By Misha Savic and Jack Ryan
Bloomberg News
Thursday, July 24, 2025
Serbia's central bank plans to bring all of its roughly $6 billion worth of gold reserves onto its own soil to ensure the security of the hoard in periods of crisis.
That will make Serbia the first eastern European country not to hold any of its bullion in traditional hubs like Switzerland, the United Kingdom, and the United States.
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"By returning gold to the country, the National Bank of Serbia sought to increase the availability and security of gold reserves in periods of crisis and uncertainty," the central bank said in response to questions, adding that the repatriation efforts began in 2021 amid "an environment of increased global uncertainty." ...
Serbia bought 17 tons abroad from 2019 through last year, in addition to at least 19 tons from Zijin Mining Group Co.'s local unit. That brought total reserves to 50.5 tons, all stashed in Belgrade except five tons bought in 2024 and still stored in Switzerland for now. That amount of gold is worth about $6 billion at current spot gold prices.
The remaining five tons will be brought home "as soon as possible," Governor Jorgovanka Tabakovic said last week. ...
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