Banque de France made €11bn by ‘bringing gold up to standard’
Exchanging lower-quality NY bullion for higher-spec European bars led to ‘exceptional’ capital gain
The Banque de France (BdF) made €11 billion ($12.71 billion) last year by exchanging 129 tonnes of substandard gold for an identical amount of a higher quality.
The bank revealed the move in its annual report, published on March 25, which pointed to a net profit of €8.1 billion. Continued losses caused by quantitative easing had declined somewhat compared with previous years.
The BdF’s income was boosted by an “exceptional item”, the bank wrote: the sale of 129 tonnes of gold it had held in New
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