The National Bank of Bulgaria announced it has purchased gold on international markets to prepare for Bulgaria’s planned adoption of the euro from 1 January 2026 and to meet European Central Bank requirements for contributing foreign reserve assets to the ECB. Under the ECB framework, on joining the euro area the National Bank of Bulgaria must provide foreign reserve assets that are mainly in foreign currency but also include gold, in an 85% to 15% split. The contribution is recorded as a claim on the ECB and booked as an asset on the National Bank of Bulgaria’s balance sheet, giving it access to Eurosystem income. To secure the required gold component without reducing its existing gold holdings, the central bank bought 66,000 troy ounces of gold, representing less than 1% of its gross foreign exchange reserves, with transactions executed at market prices.
National Bank of Bulgaria 2025-10-09
National Bank of Bulgaria buys 66,000 troy ounces of gold ahead of Bulgaria’s euro adoption
The National Bank of Bulgaria purchased 66,000 troy ounces of gold on international markets to prepare for Bulgaria's euro adoption on 1 January 2026 and meet European Central Bank (ECB) reserve asset requirements. The purchase ensures compliance with the ECB's 85% foreign currency and 15% gold reserve asset split, without depleting existing gold holdings. This transaction, representing less than 1% of the bank's gross foreign exchange reserves, is recorded as a claim on the ECB and an asset on the bank's balance sheet.