Seeking financial and economic safety and stability, Serbia has joined the global central bank gold-buying spree.
National Bank of Serbia Governor Jorgovanka Tabakovic recently announced that the bank purchased nine tons of gold in October, raising the country’s reserves to just over 30 tons.
Two more countries have joined the global gold-buying spree.
According to a Bloomberg report, the Philippines’ central bank will increase gold purchases to upwards of 1 million ounces per year in the wake of a new law that exempts taxes on the monetary authority’s bullion purchases from small-scale miners. The country’s central bank has been adding between 20,000 and 30,000 ounces per year.
Meanwhile, Serbia plans to increase its gold reserves from 20 to 30 tons by the end of this year, according to an RT report.