Aleksandar Vučić's government decided to retrieve all its gold assets to store them within its territory
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The National Bank of Serbia (NBS) announced its decision to repatriate all of the country's gold reserves from abroad, which will make Serbia the first country in Eastern Europe to store all its gold bars within its territory.
This strategic decision takes place in a global context marked by growing geopolitical and economic tensions, as well as increasing distrust toward financial assets held abroad.
The repatriation of gold began in 2021, at a time of "growing global uncertainty," according to the NBS. This initiative aims to increase the security and availability of reserves in times of crisis.
5 toneladas restantes del oro de Serbia aún se encuentran en bancos suizos
Countries seek to protect their reserves
The trend in some countries toward gold repatriation has gained momentum globally since 2022, when the West froze Russia's foreign currency reserves.
This event exposed the vulnerability of holding assets in dollars or euros under foreign control, which has led several countries to seek ways to protect their reserves. In this regard, domestic storage of gold is seen as a form of protection.
Since 2019, Serbia has adopted a proactive strategy in gold accumulation. During this period, the country purchased 17 metric tons (37,478 pounds) on international markets and at least 19 additional metric tons (41,887 pounds) from Zijin Mining Group Co., a Chinese subsidiary operating in Serbia.
Currently, the Slavic country has total gold reserves amounting to 50 metric tons (110,231 pounds), with an estimated value of 6 billion dollars according to current market prices.
Of this total, 86% is already stored in the central bank's vaults in Belgrade, while the remaining 5 metric tons (11,023 pounds) stored in Switzerland will be transferred to Serbia "as soon as possible."
La tendencia en algunos países de Europa Oriental se empezó a dar luego de las sanciones financieras de occidente a Rusia
Serbia defends its economic sovereignty
The governor of the National Bank of Serbia, Jorgovanka Tabakovic, emphasized that the transfer of gold responds to a policy of "economic sovereignty" and foresight in the face of risks presented by the current international scenario.
The accumulation of gold has become a trend among central banks seeking to diversify their reserves away from Western fiat currencies. In particular, gold reserves are gaining relevance as safe-haven assets in times of uncertainty.
This reflects a clear intention to strengthen the country's strategic reserves and reduce its dependence on traditional actors and financial centers such as Switzerland, the United Kingdom, or the United States.
La gobernadora del Banco Nacional de Serbia señaló que el país busca protegerse ante la inestabilidad financiera internacional
