National Bank of Serbia Governor Jorgovanka Tabaković reported that Serbia’s gold reserves had reached a record 55.3 tonnes, worth more than EUR 6.4 billion and representing 21.6% of gross foreign exchange reserves. Addressing the Executive Forum on Gold Reserves Management in Pretoria via videoconference, she reviewed the strategy of building holdings primarily through domestic gold purchases, supplemented by purchases on international markets. The bank purchased 2.6 tonnes of gold from domestic production between January and September 2026. This approach is supported by a statutory priority right to buy domestically produced gold, granted in early 2025. Payment in domestic currency allows these purchases to increase foreign exchange reserves without reducing their interest-bearing component. Gold holdings have increased more than three and a half times since the end of 2012, while their value has risen more than tenfold. Tabaković also recalled purchases totaling 17 tonnes through the Bank for International Settlements in 2019, 2020 and 2024. The market value of that gold has doubled relative to the amount invested.
National Bank of Serbia governor reports record gold reserves of 55.3 tonnes worth over EUR 6.4 billion
National Bank of Serbia Governor Jorgovanka Tabaković told the Executive Forum on Gold Reserves Management that gold holdings totaled a record 55.3 tonnes, valued above EUR 6.4 billion and making up 21.6% of gross foreign exchange reserves. Domestic production remains the main source of purchases, contributing 2.6 tonnes through September 2026. A priority purchase right granted in early 2025 supports this approach, with domestic currency payments adding to reserves without reducing their interest-bearing component.