Serbia ranked among the world’s top gold buyers in the first five months of 2025, acquiring 1.7 tonnes for its reserves, according to new data released by the World Gold Council, cited by local news portal Biznis.rs.

The National Bank of Serbia (NBS) now holds 50.5 tonnes of gold, Governor Jorgovanka Tabakovic said in an interview with state broadcaster RTS on July 16.

"It is important to buy when you can, not when you must," said Tabakovic. "In uncertain times, gold supports financial stability. That’s why we’ve acted preemptively."

From 2001 to 2012, the NBS purchased only 4.1 tonnes of gold from domestic producer RTB Bor. Since its 2018 acquisition by China’s Zijin Mining, however, the bank has increased domestic purchases to 19 tonnes. An additional 17 tonnes were acquired on international markets, including nine tonnes in 2019, three tonnes in late 2020 and five tonnes in July 2024.

“We paid €993mn for the 17 tonnes acquired abroad. Today, that gold is worth €1.8bn. It was a smart and timely decision,” said Tabakovic. “We do not wait for crises to react. We buy while we can, not when we’re forced to.”

She noted that Serbia pays for domestic gold in dinars, calling it a strategic advantage. The NBS’s gold holdings now represent 16.6% of Serbia’s total foreign exchange reserves.

Tabakovic also reported that the NBS had sold €1.35bn from its foreign exchange reserves earlier this year to stabilise the dinar but has since recovered that amount. "As of today, Serbia is once again a net buyer of foreign exchange, with a surplus of €55mn," she said.

Gross foreign exchange reserves now stand at €28bn, with net reserves at €23.7bn. Tabakovic emphasised that the reserves are not only diversified across currencies but also aligned with Serbia’s external obligations.

Gold has increasingly become a preferred hedge for central banks amid geopolitical uncertainties and shifting global markets. Serbia’s sustained buying, particularly during calmer periods, reflects a strategic approach that has paid off with significant appreciation in value.