Czech Central Bank Increases Gold Reserves by 66%

The Czech National Bank (Czech Republic MB) increased its international reserves by 66% in 2024 by purchasing 20.5 metric tons of gold. According to the bank's disclosed data, this move is part of the bank's efforts to diversify its assets. By the end of 2024, the bank's gold holdings amounted to 51.2 tons, equivalent to 1,645 million troy ounces, and President Ales Michl expressed his desire to increase this amount to 100 tons in the coming years. While policymakers are attempting to diversify reserves through gradual gold purchases, they are also shifting a larger portion of reserves into stocks to help generate sustainable profits for the bank.