Our gold reserves at a record level!
Hungary's gold reserves increased thirty times from the 2010 level to 94.5 tons!
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With the long-term national and economic strategy goals in mind, the Magyar Nemzeti Bank increased Hungary's gold reserves from 31.5 tonnes to 94.5 tonnes, the central bank announced.
With this decision, the MNB continued the process started with the tenfold increase in the gold reserve in 2018, as a result of which, by March 2021, based on the size of the gold reserve, Hungary moved from the middle of the international ranking to the top third.
Although the importance of gold in monetary policy declined in the 1970s, the role of the traditional reserve instrument remained paramount thereafter. As a credit and counterparty risk-free asset, gold contributes to building confidence in the country in all economic environments, making it one of the most important reserve assets in addition to government bonds worldwide. In recent years, the role of gold in international reserves has strengthened for many central banks. Central bank demand for gold was at a record high in 2018 (656 tonnes) and then in 2019 (669 tonnes).
According to the Magyar Nemzeti Bank, the management of new risks emerging during the coronavirus epidemic also played an important role in its decision.
The emergence of globally soaring public debt or inflation fears further strengthens the national strategic importance of gold, its role as a haven and its value-preserving function. With the current decision of the MNB, the country's gold reserves increased from 31.5 tonnes to 94.5 tonnes, making Hungary jump from 56th to 36th place in the international rankings based on the size of its gold reserves, while in the Central and Eastern European region from 6th to 3rd place. improved his position. The country's per capita gold reserves have risen from 0.1 ounces to 0.31 ounces, so Hungary now has the highest per capita gold reserves in the Central and Eastern European region.
The MNB has held gold reserves since its establishment in 1924. The stock of gold reserves increased until the Second World War, and at the end of the war the central bank escaped about 30 tons of gold bars and gold coins to Spital am Pyhrn, Austria, on the legendary “Golden Train” of the MNB. The evacuated gold reserves were fully returned to the country after the end of the war, which supported the stabilization of the Hungarian economy and financial consolidation with the introduction of the new currency, the forint, which celebrates its 75th anniversary this year.
At the time of the change of regime, as a result of the decision of the then management of the Magyar Nemzeti Bank, Hungary's gold reserves decreased in several stages from 46 tonnes to 3.1 tonnes, and the stocks remained unchanged until 2018.
Based on long-term national and economic strategic considerations, the MNB first decided to significantly increase its gold reserves in 2018, within which the level of gold reserves increased tenfold in October 2018 (from 3.1 tonnes to 31.5 tonnes), bringing the MNB up to level. With its current purchases, the MNB continued the process started in 2018.
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