Friday , August 19 2022

Estonia has only one gold bar, but it can't even sell it



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The only gold gap held by the Central Bank of Estonia, which achieved 100 years of its establishment in May 3, is not pure enough to sell in the financial markets, and there is more than an instrument. of the economy is symbolic. a piece that could enrich a museum collection.

Fabio Filipozzi, head of the Department of Financial Markets of the Central Bank of Estonia, explained in a program Terevisioon that the ingot weighed 11 kilos and its 97 years in 3 years less than the bank's own.

In total Estonia has 256 kilos of goldbut everything except this ingot is stored abroad, especially in New York. The tradition goes back to the years before the Second World War, when the government decided to keep gold in the countries of other countries for safety reasons.

The limited amount of gold reserves in the country is due to the fact that, in the 1990s, after the restoration of the Soviet Union's independence, it sold some of its reserves and investment. 660 million euros (740 million dollars) in other financial assets, such as bonds and shares, Filipozzi explained.

In the European region, the Baltic country is the second to own the lowest amount of gold after Malta, according to data from the specialist portal Trading Economics.

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