Bloomberg News

Greek Central Bank Says Gold Reserves Worth 4.7 Billion Euros

March 01, 2013

Greece had gold reserves worth 4.74 bilion euros ($6.2 billion) at the end of 2012, the country’s central bank said in a letter to a lawmaker about the fate of the country’s gold during the Nazi occupation.

The reserves at Dec. 31 totaled 3.76 million ounces of gold, according to the letter forwarded to parliament by the Athens-based Finance Ministry and obtained by Bloomberg News. Half is held at the central bank in Greece while the remainder is held at the Federal Reserve Bank of New York, the Bank of England and in Switzerland, according to the document.

The information came in response to a query submitted by a lawmaker of the far-right Golden Dawn party after reports in the Greek press that gold moved in 1941 ended up in England and was never returned.

Gold held at the Bank of England for safekeeping was returned to Greece over the years 1946 to 1956, today’s document from the Bank of Greece said. The transfers were documented in the bank’s annual reports for the years 1941 to 1946, 1950 and in later years, it said.

To contact the reporters on this story: Maria Petrakis in Athens at mpetrakis@bloomberg.net; Antonis Galanopoulos in Athens at agalanopoulo@bloomberg.net

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net


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