Hungary's Gold Reserves Increased to 110 tons

Hungary's gold reserves have increased from 94.5 tons to a record 110 tons, taking into account long-term national and economic strategic goals, the National Bank of Hungary (MNB) told MTI on Monday.

The increase in the gold reserve was justified by the fact that the precious metal has appreciated due to global economic, geopolitical and capital market developments. Under normal market conditions, it effectively complements the foreign exchange reserve, while in extreme market conditions in times of heightened financial and geopolitical uncertainty, it is also important as a safe haven and store of value, can strengthen confidence in the country and support financial stability, the statement said.

World central banks have bought more than 1,000 tons of gold in recent years, with the total peaking at 1,082 tons in 2022, the statement said.

MNB has held gold reserves continuously since it was founded 100 years ago, but this fell to 3.1 tons at the time of the regime change. The amount increased almost tenfold in 2018, and in 2021 it increased by about three times. With the increase announced on Monday, Hungary now has the largest per capita gold reserve in the region, at 0.37 ounces per person, they added.