The newly renovated area of the Central Treasury of the Bank of Greece, where the country’s gold reserves are kept, was inaugurated by the governor of the Bank of Greece, Giannis Stournaras, in the presence of the President of the Republic, Katerina Sakellaropoulou, and the Prime Minister, Kyriakos Mitsotakis in February.
Speaking at the opening, Mr Stournaras emphasised that the Central Treasury of the Bank now has state-of-the-art means of classification, inventory and security.
Making a historical review regarding the safekeeping of gold, Yiannis Stournaras noted that after the 1930s, the Bank made sure to increase the percentage it kept in gold while much of it was kept abroad to face emergencies.
“The same is true today: 47% of the gold is kept in Greece, with the rest being shared between the United States (29%), Britain (20%) and Switzerland (4%),” noted the central banker.
In his speech, Yannis Stournaras referred to the course of prices, noting that the recent rise in inflation internationally is not attributable to economic policy mistakes or increased demand but to external shocks, such as the war in Ukraine and the rise in fuel prices.
As the Governor of the Bank of Greece added, “Already, for several months, there has been a significant de-escalation of inflation worldwide and, within 2024, it is expected that the reduction of the main interest rates of the central banks will also begin”.
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