Hungary’s Central Bank Increased Its Gold Reserves 10-Fold

By Marton Eder and Nicholas Larkin Hungary’s central bank increased its gold reserves 10-fold, citing the need to improve its holdings’ safety, joining regional peers with relatively high ownership in the European Union’s east. Following a similar move by Poland, the central bank in Budapest now holds 31.5 tons of the metal, taking the share among total reserves to 4.4 percent, in line with the average in the region, according to a statement published on its website Tuesday. Governor Gyorgy Matolcsy touted the move as a way to improve the security of the nation’s wealth and a nod to Hungary’s heritage as one of the world’s largest gold producers in the Middle Ages. Marton Nagy, Matolcsy’s deputy, declined to say if the bank’s overall reserves had grown. Hungary is the latest European Union nation to make a rare charge into gold. The purchase takes its holdings to the highest in almost three decades and comes after Poland added about nine tons in July and August....

from GoldBroker.com https://www.goldbroker.com/news/hungarys-central-bank-increased-its-gold-reserves-10-fold-safety-concerns-1414