Submitted by cpowell on Thu, 2019-02-28 23:50.

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."

... Dispatch continues below ...

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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-t...



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