Bun­des­bank dis­plays gold bars in its pos­ses­sion

Banking Frontiers - - Regulator -

Ger­many’s cen­tral bank Deutsche Bun­des­bank is hold­ing an ex­hi­bi­tion at the Money Mu­seum of gold bars in its pos­ses­sion. Ger­many has the world’s sec­ond­largest gold re­serves, but no one has seen this since the Cold War. The cen­tral bank has put at least 8 bars on dis­play. An of­fi­cial of the cen­tral bank said this is be­ing done to show cit­i­zens that the gold bars are here, to show trans­parency. The ex­hi­bi­tion, “Gold. Trea­sures at the Deutsche Bun­des­bank”, runs un­til Septem­ber. The trea­suries of the cen­tral bank, lo­cated in New York, Lon­don and Paris had around 3400 tonnes of gold worth 117 bil­lion eu­ros ($187 bil­lion) in store and the gold had been stored in these trea­suries in or­der to keep the stocks safe from a pos­si­ble Soviet at­tack. How­ever, the cen­tral bank has been trans­port­ing the gold in­gots to its own trea­suries since 2013 and had com­pleted the repa­tri­a­tion in late 2017. There are still 1200 tonnes held in New York and around 430 tonnes in Lon­don.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.