Central banks in Europe lead other regions in gold lending and swaps, according to Reserve Benchmarks 2021.
Globally, most central banks still shy away from these operations. Just over a fifth of the 44 central banks that responded to this question said they engage in gold lending and swaps.
Gold lending involves loaning gold to receive a yield. Gold swaps are over-the-counter derivatives where gold is exchanged for foreign exchange, at a specified price with a commitment to repurchase the
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