The Bundesbank announced plans to repatriate 674 metric tons of gold from the Banque de France and the New York Federal Reserve by 2020. This decision aims to increase public confidence in the safety and security of Germany's gold reserves.
The phased relocation of the gold will ensure that half of Germany's gold reserves are stored domestically by the end of the decade.
The Bundesbank will repatriate 674 metric tons of gold from vaults in Paris and New York by 2020 to restore public confidence in the safety of Germany’s reserves.
The phased relocation of the gold, currently worth about 27 billion euros ($36 billion), will begin this year and result in half of Germany’s reserves being stored in Frankfurt by the end of the decade, the Bundesbank said in a statement today. It will bring home all 374 tons of its gold held at the Banque de France and a further 300 tons from the New York Federal Reserve, it said. Holdings at the Bank of England will remain unchanged.
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