Hungary Boosts Gold Reserves 10-Fold, Citing Safety Concerns
- Nation raises gold holdings to 31.5 tons, or 4.4% of reserves
- Poland added 9 tons in summer, biggest purchase since 1998
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Hungary’s central bank increased its gold reserves 10-fold, citing the need to improve its holdings’ safety, joining regional peers with relatively high ownership in the European Union’s east.
Following a similar move by Poland, the central bank in Budapest now holds 31.5 tons of the metal, taking the share among total reserves to 4.4 percent, in line with the average in the region, according to a statement published on its website Tuesday.