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Germany Gets Its Gold Back Faster With Job Seen Done in 2017

  • Transfer of 674 tons of gold was set to be finished by 2020
  • Relocation of reserves from U.S. was completed in 2016
Carl-Ludwig Thiele.

Carl-Ludwig Thiele.

Photographer: Carolynn Look/Bloomberg
Updated on

Germany’s Bundesbank is set to unite half of the country’s gold reserves in its Frankfurt vaults by the end of 2017 -- three years ahead of schedule.

The central bank transferred 216 tons of the precious metal to Frankfurt in 2016, including 111 tons from New York and 105 tons from Paris, the institution said on Thursday. That completes its planned relocation of a total of 300 tons of gold from the U.S. Federal Reserve Bank. The remaining 91 tons stored at the Bank of France will be brought over later this year, the Bundesbank said.