10 central banks have the largest gold reserves in the world.. Get to know them

10 central banks have the largest gold reserves in the world.. Get to know them
10 central banks have the largest gold reserves in the world.. Get to know them
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Posted on: Tuesday, January 24, 2023 – 1:59 PM | Last update: Tuesday, January 24, 2023 – 1:59 PM

Gold is one of the basic components of foreign exchange reserves with central banks around the world, as it is a means of hedging against inflation and preserving value, so this precious metal constitutes a significant share in total reserves.

More than a decade ago, specifically in 2010, central banks shifted from being sellers of gold to buyers, and only deviated from that pace in 2020 during the crisis of the emerging Corona virus “Covid-19”, when some central banks in a number of countries, most notably Uzbekistan, Turkey and Russia, turned to For sale, to record total net sales in the third quarter of 2020, 12 tons and 100 kilograms of bullion, compared to purchases of approximately 142 tons in 2019, according to the World Gold Council.

Despite those sales, the world’s central banks kept 35,516 tons of gold as part of their foreign exchange reserves during 2021, which is the largest holdings since the beginning of the millennium, according to the German Extra Gold website that specializes in gold affairs.

And only during the third quarter of last year 2022, gold reserves were expanded by about 400 tons, to set a record of more than three times what they were in the third quarter of 2021.

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According to the data of the World Gold Council issued early last month, the total gold reserves of central banks in 2022 reached a record level, recording 36,745.8 tons, which is unprecedented in the history of gold reserves, even in 1970, that is, during the work of the gold standard that was modified according to Bretton Woods Agreement, world gold reserves were less than 36,606 tons.

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The US Federal Reserve leads the central banks in the world in terms of owning gold by 8133.5 tons, which constitutes 65.9% of the total foreign exchange reserves, followed by the German Central Bank with 3355.1 tons (64.9%), and in third place is the Central Bank of Italy, which owns 2451.8 tons, which is the percentage of gold. The cash reserve is 62.2%.

And in fourth place is the French Central Bank, which owns 2,437 tons, followed by the Russian Central Bank, with 2,299 tons, and in sixth place is the Chinese Central Bank, with 1,948 tons, according to the “Trading Economics” economic website.

The Swiss Central Bank comes in seventh place, with 1040 tons of gold, followed by the Japanese Central Bank with 846 tons, then the Reserve Bank of India, which owns 612 tons of gold reserves, and the Dutch Central Bank ranks tenth with 612 tons of gold.

It is worth noting that the Portuguese Central Bank holds the highest proportion of gold in foreign currency reserves in the world, amounting to 69.6%, which is equivalent to 382.6 tons of gold.

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