The Magyar Nemzeti Bank increased Hungary's gold reserves from 31.5 tons to 94.5 tons , the MNB announced. Thus, based on the size of the gold reserve, by March 2021, Hungary moved from the middle of the international ranking to the top third.
The MNB emphasized that the management of new risks that developed during the coronavirus epidemic also played an important role in the decision to increase the gold reserve. In recent years, the role of gold within the international reserve has strengthened for many central banks.
During the regime change, following the decision of the then management of the MNB, Hungary's gold reserve was reduced in several steps from 46 tons to 3.1 tons, and the stock remained unchanged until 2018. For the first time in 2018, the central bank decided to significantly increase the gold reserve, within the framework of which in October 2018 the level of the gold reserve rose to ten times the previous stock (from 3.1 tons to 31.5 tons) - indicating that with its current purchases, the MNB is continuing the process started in 2018 he continued.
The country's gold reserves per capita increased from 0.1 ounces to 0.31 ounces, so Hungary now has the highest gold reserves per capita in the Central and Eastern European region.
