Serbia will with this decision become the first country in Eastern Europe that no longer stores its gold reserve in the countries where it is usually stored: Switzerland, the United Kingdom and the USA.
The process of bringing the gold home began as early as 2021, according to the central bank, when one saw increased global uncertainty.
Central banks increased their gold purchases dramatically after the Russian reserve was frozen in Western countries in connection with the war of aggression against the neighboring country Ukraine.
The frozen Russian central bank assets have illustrated the risks of having assets in dollars and euros. Gold stored in the home country limits the possibility for foreign power to seize the assets.
