Georgia’s National Bank adds monetary gold to its int’l reserves for first time

For the first time in the history of Georgia, the country’s National Bank has added monetary gold to its international reserves, Report informs referring to the regulatory body.

The National Bank bought 7 tons of gold bars of the highest standard (999.9) on the London Mercantile Exchange for $500 million, which amounted to about 11% of the country’s total international reserves.

The bars are stored in London, but they are planned to be brought into the country, to the warehouse of the National Bank.

“Last year, the National Bank bought a record amount of $1.5 billion on the foreign exchange market, which led to a significant increase in reserves and made it possible to replace some of them with assets in monetary gold,” reads the statement.