Michl has previously said he wanted to boost gold reserves, telling CNN Prima News in January that he had a goal of reaching 100 tonnes over six years. His aims could be helped after two new members of the seven-seat board joined the bank this month, the newspaper said. "The goal is to increase the expected returns on assets without significantly raising portfolio risk," Michl said. "In the reserves of the Swiss central bank, gold makes up 6.2%. I will propose for us that in five years it should be around 4 to 5%. But we will still decide on that," he added. The Czech central bank built up large reserves between 2013-2017, when the bank used interventions to keep the crown weak as part of loose policy and bought up euros in the market. With inflation soaring since 2021, the bank sold foreign currency last year to prevent sharp crown weakening, although it has not had to intervene in recent months due to better market sentiment. At the end of January, reserves stood at 129.3 billion euros, equal to 45% of gross domestic product, but down from 160 billion euros seen last April before large interventions started. (Reporting by Jason Hovet; Editing by Alex Richardson)
PRAGUE, Feb 17 (Reuters) - Czech National Bank Governor
Ales Michl would like to boost the country's gold reserves to
100 tonnes, from 12 tonnes, as part of changes to the bank's
portfolio in the coming years, he was quoted as saying on
Friday.
"I want to gradually increase gold in the reserves to up to
100 tonnes," Michl told daily Lidove Noviny.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.