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Parliament leaders want Romanian gold reserves brought home

Submitted by cpowell on 11:50PM ET Thursday, February 28, 2019. Section:
Daily Dispatches
By Ioana Erdei
Business Review, Bucharest, Romania
Wednesday, February 27, 2019

BUCHAREST, Romania -- Chamber of Deputies President Liviu Dragnea and
Socia Democratic Party Sen. Serban Nicolae have proposed a bill to
force the National Bank to store 95 percent of Romania's gold reserves
in the country.

The bill is meant to change the law that establishes the National's Bank
statute. According to the document, the reason for this demand is that
gold stored abroad produces only additional costs with storage.
The bill also wants to eliminate the word "international" from the
terminology used by the National Bank in "international gold reserves."

Romania's gold reserves, 103.7 tons, are stored in three countries,
according to the National Bank officials.
Three years ago, the institution announced that 60 percent of the gold
reserves were stored abroad.
The situation has not changed -- 61 tons of the gold are stored at the
Bank of England, more than 40 tons are kept at the Bank of Romania in
Bucharest, and fewer than five tons are stored at the Bank for
International Settlements in Basel, Switzerland. ...
... For the remainder of the report:

http://business-review.eu/news/liviu-dragnea-demands-the-national-bank-to-bring-back-the-gold-reserves-stored-abroad-197298

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