Hungarian central bank increases gold reserve tenfold

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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