Hungarian central bank increases gold reserve tenfold

Governor Matolcsy says prime minister asked MNB to reconsider gold policy

Central Bank of Hungary
The Central Bank of Hungary

The Central Bank of Hungary has increased its gold reserves by a factor of 10 this month, from 3.1 metric tons to 31.5, it announced today (October 16).

The MNB released a press release in Hungarian, saying that it had bought the gold this month and that its holding was valued at around $1.24 billion. The decision to suddenly increase the bank’s holdings of gold may have been strongly influenced by Hungary’s prime minister Viktor Orban, leader of the country’s right-wing Fidesz party.


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