The National Bank of Serbia (NBS) currently holds 47.7 tons of gold in its foreign exchange reserves, valued at approximately 3.7 billion euros, representing about 13% of the total reserves. The NBS regularly purchases domestically produced gold from Serbia Zijin Copper, the company that acquired RTB Bor.
In 2024, the NBS bought 2.8 tons of gold from Zijin, bringing the total since 2018 to 10.3 tons. Additionally, in July 2024, the NBS bought five tons of gold internationally, increasing its total international purchases since 2019 to 17 tons.
Gold serves as a safe asset, particularly during economic crises, and is held by central banks for several reasons, including its historical value, its role in preserving long-term wealth, its performance during crises, its lack of credit risk, and its diversification benefits. While gold does not generate income, it can provide capital gains if prices rise and offers diversification due to its low correlation with other reserve assets like the US dollar.
Foreign exchange reserves are invested conservatively in high-quality securities, such as state bonds and deposits with reputable financial institutions.
