MOSCOW (Sputnik) — The German central bank, Bundesbank, has brought back the gold reserves it kept in Paris vaults ahead of schedule, according to a statement published Wednesday.
"50.6 per cent of Germany’s gold reserves are now stored in Germany. This goal was set out by the Bundesbank in 2013 and was scheduled to be achieved by 2020 at the latest," the statement read.
10 February 2017, 11:29 GMT
Carl-Ludwig Thiele, a member of the central bank’s executive board, said the transfer had closed out the entire gold storage plan "around three years ahead of the time we were aiming for."
The regulator has said the country's gold reserves totalling 3.378 tonnes are now kept in Frankfurt am Main and in its two partner banks in New York and in London.
According to Bundesbank, the storage of the gold reserves abroad allows to swiftly exchange them for foreign currencies. The gold reserves also serve for "building trust and confidence at home."
