The National Bank of Belgium issued a communication responding to media reports about possible monetisation of part of Belgium’s gold reserves for public finance purposes, reiterating that it is legally responsible for holding and managing the country’s gold reserves within the Eurosystem and that related decisions are taken autonomously by its Board of Directors under the principle of central bank independence. Gold reserves, together with other foreign reserve assets, are held to support the Bank’s public interest tasks. Reserve management is conducted with diversification in mind and guided by liquidity, safety, return and sustainability, while also taking into account the European Central Bank’s coordinating role for foreign reserve management within the Eurosystem. Gains realised from arbitrage transactions involving gold and other foreign reserve assets are booked to a special reserve account allocated to foreign reserve management and may not, by law, be used for other purposes.
National Bank of Belgium 2025-03-19
National Bank of Belgium reaffirms exclusive authority over Belgium’s gold reserves and ring-fences gains from gold arbitrage
The National Bank of Belgium clarified its role in managing gold reserves, emphasizing its legal responsibility and the Board's autonomy under central bank independence. Gold reserves support public interest tasks and are managed with a focus on liquidity, safety, return, and sustainability, in coordination with the European Central Bank. Gains from reserve management are allocated to a special reserve account and cannot be used for other purposes.