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Taiwan's central bank says gold reserve supports country's currency
From the Central News Agency, Taipei
Friday, August 16, 2024
TAIPEI -- Taiwan has about 422 tonnes of gold in reserve, held by the Central Bank of the Republic of China (Taiwan) to support the value of the national currency, a central bank official said today.
Of that amount, 410 tonnes is retained as an asset for the issuance of New Taiwan Dollars, the official added.
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The remaining reserve is utilized, normally once every four years, to mint commemorative gold coins for the inauguration of Taiwan's newly elected president and vice president, the official said.
According to the World Gold Council's latest rankings as of Aug. 2, Taiwan ranked 12th in global gold reserves in the first quarter of 2024, with the top three countries being the United States, Germany, and Italy,
Based on New Taiwan Dollar banknotes already in circulation, the central bank said, it has the equivalent amount in liquid assets, currently in the form of gold and foreign exchange.
The purpose is to support and guarantee the value of the national currency as gold has always played an important role in the international monetary system, it added. ...
... For the remainder of the report:
https://focustaiwan.tw/business/202408160016
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