Economics
Bring Back Our Bullions: Romania May Too Seek to Pull U.K. Stash
- Ruling party leader seeks law change to move gold reservers
- Germany, Austria, Hungary recently also relocated gold home
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Romania may be set to join a wave of countries moving their gold home from vaults abroad after the nation’s de facto leader started a push to relocate 61 tons of the reserves, worth about $2.4 billion, from the U.K.
Ruling-party chief Liviu Dragnea submitted a bill to amend the central bank law to require 95 percent of gold reserves being stored domestically, according to a draft published on parliament’s website. Now, about 60 percent of the country’s 103.7 tons of gold are held at the Bank of England. The central bank, which has recently clashed with the government, raised some concerns. Dragnea and the co-author of the bill didn’t answer calls for comment.