Greece Has €5.26 Billion Euros of Gold Reserves, Half of Which is Abroad

Greece reported having some 149.1 tonnes of gold reserves at the end of 2016 amounting in the value of 5.26 billion euros, according to reports by Reuters.

Almost half of that gold is kept in vaults abroad, and after a Greek newspaper reported that half of its gold reserves had been handed over to the European Central Bank, the Bank of Greece (BoG) responded by saying that only back in 2001 a small amount was transferred to the ECB when Greece joined the euro zone.

The BoG said that the practice of storing gold abroad is a common international practice and that about half of the gold reserves are in the vaults and have not moved in the last decades. The remainder is kept at the Bank of England, the New York Fed and in Switzerland,” adding that, “There has been no change in the last years, apart from very small fluctuations related to the buying and selling of gold coins.”