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German gold returned home ahead of schedule, says central bank

Europe
23.08.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Frankfurt (dpa) - Germany‘s central bank said Wednesday that it has completed an initiative to bring half of the country‘s gold reserves home, three years ahead of schedule.

The Frankfurt-headquartered Bundesbank said that half of Germany‘s 3,378 tons of gold - stashed abroad during the Cold War to avoid it falling into the hands of the Soviet Union - had been brought home from New York and Paris.

The plan - initially announced in 2013 - had envisaged the return of the gold by 2020. At the time, the fact that so much of the country‘s wealth was stored overseas prompted a minor uproar.

The gold was removed after World War II for fear it could fall into the hands of the Soviet Union. Paris, London and New York were chosen as locations because those cities are home to some of the world‘s biggest gold exchanges.

The other half of Germany‘s gold reserves remains abroad. Some 36.6 per cent are in New York, while 12.8 per cent are in London.

 

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