Hungary’s central bank triples gold holdings

MNB says inflation risk and higher government debt played “key role” in decision


The Central Bank of Hungary tripled its gold holdings in March, from 31.5 tonnes to 94.5 tonnes, it announced on April 7.

The MNB said it had increased its reserves partly to hedge inflation risks. In 2018, it announced a long-term strategy to increase its gold reserves “by a factor of 10”.

Its recent acceleration in gold purchases may be partly driven by higher US inflation expectations, which are boosting gold’s attractiveness as a store of value. In 2021, US 10-year Treasury yields have

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