BNB to take gold reserves out of bank vaults

BULGARIA - The Bulgarian government's recent debt swap operations made the Bulgarian National Bank (BNB) start leading a more active policy in managing Bulgaria's foreign currency reserves.

After years of deliberation, BNB decided to start running more efficiently Bulgaria's gold reserves and to open fixed term deposit accounts with up to 50 pct of the reserves or use the precious metal for other types of commercial deals. Part of the gold bullion held in the bank's vaults will now be transfer