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Writers Torgny Persson, Koos Jansen
& Hong Kang See

In surprise move, Central Bank of Hungary announces 10-fold jump in its gold reserves

Tuesday the 16th of October 2018
In one of the most profound developments in the central bank gold market for a long time, the Hungarian National Bank, Hungary's central bank, has just announced a 10 fold jump in its monetary gold holdings. The central bank, known as Magyar Nemzeti Bank (MNB) in Hungarian, made the announcement in Budapest, Hungary's capital.

The details of Hungary's dramatic new gold purchase are as follows:

  • Before this month, Hungary's central bank held 3.10 tonnes of gold.

  • During the first two weeks of October, the Hungarian National Bank purchased 28.4 tonnes of gold.

  • This gold purchase raised the central bank's gold holdings from 3.1 tonnes to 31.5 tonnes, i.e. a 1000% or 10-fold increase.

  • The Hungarian central bank had not altered its gold reserves since 1986, i.e. 32 years ago.

  • The 28.4 tonnes of gold was purchased in 'physical form', and 'its repatriation has already taken place' to Hungary.

  • Interestingly, Hungary now holds the same amount of gold as it held 70 years ago.


Some of the newly purchased gold bars of the Hungarian central bank. This gold has also been repatriated to Hungary.

In conjunction with today's announcement in Budapest, the Hungarian National Bank put together a very interesting press release on its website (in Hungarian), which I have translated and edited, and which I think is worth reading in its... Continue Reading
By: Ronan Manly
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