The Domino Effect – Romania joins Gold Repatriation exodus

Thursday, March 7, 2019
By Paul Martin

MARCH 7, 2019

Hot on the heals of Hungary repatriating all of its gold reserves from London last October, moves are now afoot in neighboring Romania to do likewise, via a parliamentary bill submitted by Romanian politicians Liviu Dragnea and Serban Nicolae which specifies that only 5% of gold reserves can be kept abroad.

Romania’s strategic gold reserves amount to 103.7 tonnes and are managed by the country’s central bank, the National Bank of Romania (NBR), with over 60 tonnes of the Romanian gold (or about 60%) claimed to be stored at the controversial gold vaults of the Bank of England in London.

Given that Dragnea and Nicolae are not just anonymous back-bencher politicians submitting a Bill for attention seeking purposes, this gold repatriation initiative out of Romania is one to watch.

Indeed, Liviu Dragnea is leader of Romania’s largest political party, the Social Democratic Party (PSD), which is the senior party of Romania’s current ruling coalition. Dragnea is also President of Romania’s Chamber of Deputies (the lower house of parliament). Likewise, neither is Serban Nicolae a low-key figure as he is leader of the PSD grouping in Romania’s Senate (upper house of parliament). You could perhaps not find two more senior politicians than these two to kick start a gold repatriation campaign in Romania.

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