icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
4 May, 2019 10:21

Estonia has a single gold bar in its vault... but cannot sell it

Estonia has a single gold bar in its vault... but cannot sell it

The only gold ingot Estonia’s central bank has in storage is not pure enough for financial operations and is more suitable as a museum piece, the bank has revealed.

The piece of gold weighs 11 kilograms and is valued at around €500,000, the head of the financial market division of the Bank of Estonia, Fabio Filipozzi, told Terevisioon, according to Estonian Public Broadcasting (ERR). The gold bar is 97 years old – three years younger than the bank, which celebrated its 100th anniversary on Friday. 

Also on rt.com Russia tops global gold buyers list as it turns away from US dollar

The rest of the country’s gold reserves amount to 256 kilograms, but it is stored in foreign banks, and in the US in particular. The tradition stems from the first half of the last century, before World War II began, when the country decided to transfer the precious metal to keep it safe.

Tallinn sold most of its gold reserves in the 1990s and invested money in other liquid assets, such as bonds and equities, according to the bank official.

Estonia’s gold reserves are the second lowest among European countries, behind Albania by 1.35 tons, according to Trading Economics website data

For more stories on economy & finance visit RT's business section