The Federal head of the German Bundesbank Jens Weidmann said that the return of the gold reserve of Germany from foreign repositories is progressing on schedule.
“Since then, was adopted as new concept stores in Frankfurt were delivered 366 tons of gold with a total value of approximately 11.5 billion euros. Thus, here now contains about 1400 tonnes and 41.5% of our gold reserves,” he said, Weidman is the TV channel N24.
According to plans, in 2020 to Frankfurt should be transferred half of the gold reserves of Germany, the other half will just as before be stored in new York and London. While Weidmann said that the agreement for the storage of gold in the vault of the French Central Bank in Paris will be terminated.
The head of the Bundesbank explained that the gold reserve of Germany is for additional foreign exchange reserves. If necessary gold can be implemented quickly on the trading floors in London and new York. “There they are in the same security, as in Germany,” he explained.
According to the Bundesbank, Germany’s gold reserves are estimated at 3,400 tons and is the second largest in the world, after the United States. It began to take shape in 1951 during the so-called German economic miracle.