Published: 2019.05.13. Romania will take its gold from the Bank of England

Romania will take its gold from the Bank of England - Preview

The Romanian parliament by a majority vote voted in favor of a law that obliges the country's central bank to withdraw most of the national gold from the Bank of England.

It is worth recalling that for the first time the bill on the repatriation of precious metals to the territory of the state was introduced in February of this year, and yesterday, April 24, it was adopted after a long discussion. Thus, the Romanian Central Bank is now obliged to begin the procedure for returning most of the gold stored there from the Bank of England. The initiator of this law was the Social Democratic Party PSD.

Currently, about 60% of Romania’s gold reserves are located in London. The official gold reserve of this country is 103.7 tons. The ruling Social Democratic Party prescribed in law that no more than 5% of the gold reserves of Romania can be stored abroad in order to facilitate international payments. However, the opposition party opposes the return of gold to the country, arguing that the precious metal can be sold to cover the budget deficit. Although in fact it would be much easier to sell gold if it were left in London.