Serbia’s central bank plans to repatriate the country’s entire gold reserves from abroad, becoming the first Eastern European country to hold all of its bullion domestically, the National Bank of Serbia (NBS) told Bloomberg in a report published on July 24. 

The move, which aims to safeguard Serbia's reserves amid heightened global uncertainty, comes as central banks worldwide seek to reduce exposure to foreign-held assets amid rising geopolitical tensions in Europe and the Middle East.

Serbia’s total gold reserves currently amount to 50.5 tonnes, or roughly $6bn at current prices. According to NBS Governor Jorgovanka Tabakovic, 86% of the reserves are already stored in the central bank’s vaults in Belgrade, with the remaining five tonnes held in Switzerland.

“By returning gold to the country, the National Bank of Serbia wanted to increase the availability and security of gold reserves in times of crisis and uncertainty,” the NBS told Bloomberg, noting that the repatriation process began in 2021 against a backdrop of rising geopolitical and economic instability.

The planned transfer will make Serbia the only country in Eastern Europe not to store any of its gold in traditional financial centres such as Switzerland, the United Kingdom or the United States.

As bne IntelliNews has followed, Serbia has significantly increased its gold holdings in recent years. Between 2019 and 2024, it purchased 17 tonnes of gold on international markets and at least 19 tonnes from Serbia’s Zijin Mining, a subsidiary of China’s Zijin Mining Group.

Global central banks accelerated gold purchases following the freezing of Russia’s foreign exchange reserves in 2022, highlighting the vulnerabilities of holding assets denominated in dollars and euros. Repatriating bullion is seen as a way to reduce exposure to such political and financial risks.

Gold has gained renewed favour as a strategic reserve asset amid shifting geopolitical dynamics. Serbia’s proactive accumulation strategy and push for domestic storage position it among the most assertive actors in the region’s monetary policy space.

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