Isarescu: Gold Reserve Repatriation Entails Massive Costs

“We will observe the law but we have stated our point of view,” he said, speaking of a document the central bank recently sent to the government and parliament assessing the costs of gold repatriation. He added the ultimate decision belongs to the parliament.

Isarescu did not give an amount but said the central bank’s estimations could be “timid” as insurance costs for such an operation are high and subject to negotiation.

Romania’s gold reserve consists of 103.6 tons currently worth EUR4.7 billion. Around 60% of the reserve is deposited at the Bank of England.

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The parliament adopted a bill last year calling for the repatriation of 91.5% of the gold reserve kept outside Romania and the president sent the bill back for reexamination, saying changes in the central bank’s statute could create a dangerous precedent that would hinder monetary policy.