25/11/2025
Distinguished representatives of the World Gold Council, esteemed Shaokai,
our hosts from the Bank for International Settlements,
esteemed central bank colleagues,
dear partners,
ladies and gentlemen,
It is a great honour to address you today at a gathering that brings together institutions and individuals whose perspectives shape global developments in one of the oldest and most significant instruments of financial stability – gold. When someone tries to dispute the results of the National Bank of Serbia, I say: “For some people, even gold isn’t shiny enough.” And that gold – and the path to 52 tonnes of gold – is the reason why I am here today.
We meet at a time that will, I am convinced, be long remembered in the history of the global economy. A time in which gold, after several decades of relative stability, has once again taken centre stage in reserve management strategies and in assessments of global risks.
Those who know me are aware that I am serving my third term as Governor of the most important financial institution in Serbia – the National Bank of Serbia. They also know that I am a woman of integrity, one whose word is kept, one who acts responsibly and with a clear purpose: to ensure stability so that my country can develop and its citizens can enjoy a better quality of life.
Although I have been a regular participant in BIS Governors’ meetings for more than a decade, this is my first opportunity to address colleagues at this esteemed venue, within the framework of this Forum, on a topic that represents one of the pillars of stability in today’s uncertain environment. The responsibility is all the greater because our discussions take place in a year that will, undoubtedly, be recorded as one of the most significant in the modern history of the gold market. A year in which this precious metal has increased its value by more than half compared to the previous year and repeatedly reached new historical highs; a year in which central banks continued their strong demand after three consecutive years of buying more than 1,000 tonnes annually; and a year in which gold, after many decades, once again became not only a symbol but an instrument of monetary sovereignty, resilience and trust.
Today, I speak on behalf of an institution that reached an important milestone in its modern history on 10 June this year. On that day, Serbia exceeded, for the first time, the level of 50 tonnes of gold in its foreign exchange reserves. This is not merely a number or a technical fact, but the result of a vision, political responsibility and institutional consistency. It reflects the way trust in a country is built – not declaratively, but through concrete and measurable actions.
Today, Serbia holds 52.3 tonnes of gold, valued at nearly six billion euros, representing more than one-fifth of our total foreign exchange reserves. To illustrate the magnitude of the change achieved over the past decade, let me place these figures in context. When I assumed office as Governor in August 2012, Serbia’s gold reserves amounted to 14.8 tonnes, valued at around 600 million euros. Gold accounted for less than 6% of total reserves. Today, Serbia holds more than three times as much gold as it did at the end of July 2012, while the value of these reserves has increased tenfold. This is a confirmation that our economic policy rests on long-term security rather than short-term impulses.
The world from which we observe these numbers today is profoundly different from the one that existed just a few years ago. We are witnesses to what economic history has termed the “era of overlapping crises.” The past six years have been marked by a pandemic, wars, geopolitical tensions, inflationary pressures, rising borrowing costs, trade disruptions and an increasingly fragmented global order. Confidence in traditional “safe assets” – particularly long-term government bonds – has been significantly weakened. All of this has clearly opened a new chapter in how countries safeguard and allocate their reserves. In such a world, gold has not only been a logical choice – it has become a necessity. Its price has become a barometer of global systemic risk.
Reports by our hosts, the World Gold Council, show that the third quarter of this year alone saw thirteen new historical records. The average quarterly price exceeded USD 3,450 per ounce, representing a 40% increase compared to the same period last year. Today, on the threshold of 2026, gold trades at around USD 4,000 per ounce, while leading banks and analysts project a median forecast of around USD 4,400 for the end of next year, with the highest projections exceeding USD 5,000. These values are not a random market episode; they are the reflection of a system undergoing profound change.
Alongside the rise in price, central banks in recent years have made one of the most important collective decisions in the modern history of reserve management. Over the past three years, dear colleagues, we have purchased more than 1,000 tonnes of gold annually – twice the average of the previous two decades. According to World Gold Council surveys, as many as 95% of central banks expect the role of gold in global reserves to continue increasing, and none plan to reduce it. To be frank, this does not surprise me. In an era in which currency risk casts a long shadow over global policies, and in which sovereignty has again become an economic question, gold remains the only reserve asset that is no one’s liability. That, ladies and gentlemen, is the essence of its value.
In this environment, Serbia recognised the emerging trends earlier than they became a global consensus. Let me reiterate the figures. In 2012, when I assumed the position of Governor, Serbia held 14.8 tonnes of gold, valued at under 600 million euros, representing 5.9% of reserves. Today we hold more than 52 tonnes, valued at almost six billion euros, with a share exceeding 20%. This means that the strength of our economy and the credibility of our institutions have not only been preserved – they have been significantly reinforced.
Serbia today holds more gold than all the former Yugoslav republics combined. More than most Central European economies. More per capita than any country in the Western Balkans. This was never a race for quantity. It was a race for responsibility.
Our path to 50 tonnes was neither abrupt, nor accidental, nor impulsive. It was the result of a consistent strategy resting on three pillars: long-term vision, a smart combination of domestic and international purchases, and precise timing of our entry into global market flows.
The first and most important pillar was long-term strategy. We did not buy gold to make a profit. Central banks do not trade gold for earnings. We buy gold to preserve stability and maintain the independence of monetary policy when global markets come under stress. Gold in our system is treated as an instrument of stability – an anchor of the foreign exchange reserves that preserves confidence in the most difficult times, and a tool for diversification and improving reserve composition.
The second pillar was the choice to rely on both domestic and international purchases. From August 2012 to today, we have bought a total of 37.4 tonnes of gold. Of this amount, slightly more than half – 20.5 tonnes – came from domestic production, from the mining operations near the city of Bor in eastern Serbia, produced by the majority Chinese-owned company Serbia Zijin Copper, the successor of what was once the fully state-owned Bor mining and smelting complex. These purchases have been continuous, transparent, and fully market-based. In 2024 alone, we purchased more than three tonnes, and in 2025 we exceeded that record with 4.1 tonnes – the highest annual amount ever purchased in Serbian history. This is not important only for the structure of reserves. It matters because domestically sourced gold increases reserves entirely, as it is purchased using the domestic currency – the dinar.
The third pillar of our path to 50 tonnes were carefully planned purchases on the international market. The NBS made international purchases on three occasions — in October 2019, November 2020 and July 2024. Each time, the transactions were conducted through the Bank for International Settlements (BIS), the most reputable institution and partner, whose discretion and professionalism ensured that the purchases were executed without any impact on the market price. The relationship we have built with the BIS is one of the reasons I gladly accepted the invitation to speak on this subject today.
The first purchase in 2019 brought Serbia nine tonnes at an average price of USD 1,503 per ounce. The second acquisition of three tonnes was completed in November 2020 at an average price of USD 1,879. The third purchase, in 2024, amounted to almost five tonnes at an average price of USD 2,368 per ounce. Today, with gold trading around USD 4,000, the value of these bars alone is more than one billion dollars higher than at the time of purchase. This confirms that Serbia entered the buying cycle at the right moment – when gold was far below today’s levels. And although profit was never our primary objective, these results do confirm the soundness of our strategy.
I would also like to underscore the decision we made in 2021 to repatriate all 13 tonnes of gold that we had previously held abroad. In a world where geopolitical risks shift rapidly, and where reserve security can no longer be taken for granted, we decided that gold should be where the institutions responsible for it are located – in Serbia. Today, only our most recent purchase from 2024 – due to logistical reasons – is temporarily stored in Switzerland, on an allocated account of the NBS. All other gold is under our direct control, in the vaults of the National Bank of Serbia. This decision strengthened the security of reserves, increased the confidence of both domestic and international partners, and confirmed that Serbia can manage its own resources at the highest professional level.
And believe it or not, although I have been Governor for more than 13 years, I have visited the vault to see the bars only once. I was deeply impressed by the meticulous care with which my colleagues handle them. The different color of the felt on which the bars purchased domestically and internationally are placed is almost the only difference between them. Those purchased in Bor have a fineness and characteristics comparable to the highest world standards – the so-called “four nines” (99.99% gold). This only confirms that I am not someone who visits the gold to admire it, like Scrooge McDuck; what matters to me is the security it provides to the state.
From the period of gold repatriation comes an anecdote I would like to share. Some of you may know this if you are regularly involved in transporting high-value cargo, but for us in July 2021 it was a revelation: in air freight, despite the extraordinary value of gold, it does not have priority over perishable goods or items sensitive to physical change – such as flowers, food, or similar products. We learned this the hard way, when fifteen minutes after takeoff of the aircraft bound for Belgrade, we were informed that the final one-tonne shipment scheduled to be transported to Serbia had not been loaded. Seeing me speak today with such conviction and energy about everything important to my country, you can imagine what that day was like for me until the shipment finally arrived safely in Belgrade the next day. Only when I received a photograph from the vault did I calmly repeat the sentence: “One day, all of this will be just an anecdote to share with smile on our faces.”
Ladies and gentlemen, gold is not merely a number on a central bank’s balance sheet. It is a symbol of resilience, a reflection of long-term vision, and a proof of the maturity of economic policy. For Serbia, gold reserves have become one of the key pillars of financial stability. They protect against inflation, external shocks, and risks arising from global uncertainty. They safeguard the independence of monetary policy. And they send a clear message to investors – that we manage reserves responsibly, prudently and strategically.
Our path to 50 tonnes of gold did not begin with grand declarations. It began quietly, diligently, and responsibly. It was a path of responsibility, not ambition. And that is why today I am proud to say: Serbia has built its golden era wisely, not rashly; consistently, not impulsively; strategically, not declaratively. Our strategy was never to race against anyone. Our strategy was for Serbia to be stable and resilient – exactly as the International Monetary Fund assesses it in its reports. For Serbia, though a small country integrated into global trade and capital flows, to withstand global turbulence and maintain confidence in its financial system even in the most challenging times.
Therefore, we will continue to build our gold reserves in the future on the same principles that have guided us so far: diversification, prudent planning, and safeguarding sovereignty. Every decision to enter the global market will be preceded by a detailed analysis of the timing, conditions, and necessity. And this is the message to all colleagues: decisions on gold purchases must never be political – they must be professional. They should not be short-term or reactive, but well-considered and long-lasting.
Dear friends, allow me to conclude as follows:
In a world that is becoming increasingly unpredictable, where stability is more and more a matter of choice, gold becomes more than a financial asset. It becomes a guarantor of trust. And trust is the most valuable asset of any central bank. Serbia today is a country that has built that trust – and will continue to safeguard it.
We should learn from one another rather than just imitate what others do, because we are different, unique and special – both as countries and as people. Each of us is unique, just like our fingerprints.
Thank you for your attention and thank you for being part of this important discussion today – a discussion about the future of gold, the future of reserves, and the future of stability in a world changing faster than ever before.
Governor`s Office
