25/11/2025
NBS Governor Jorgovanka Tabaković delivered a keynote address on the second day of the Executive Forum on Gold Reserves Management, emphasizing that this important gathering is taking place in a year that will be remembered as one of the most significant in the history of the modern gold market.
“We have gathered in 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,” pointed out the Governor.
“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.”
“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,” stressed the Governor at the Executive Forum on Gold Reserves Management.
The three-day event, jointly organised by the World Gold Council (WGC) and the Bank for International Settlements (BIS), brings together top representatives of central banks, international financial institutions, and leading experts on the global gold market from more than 40 countries.
The Executive Forum is one of the most eminent global gatherings dedicated to the role of gold in monetary and financial systems and is traditionally held as part of the international activities of these two institutions. This year’s Forum is also notable for the fact that the Governor of the National Bank of Serbia is the only central bank governor given the opportunity to address the participants, which represents a significant recognition for Serbia and is the result of well-developed and successful cooperation with the Bank for International Settlements in buying gold in the international market.
You can read the full speech of Governor Tabaković here.
Governor`s Office
