Serbia is set to take a groundbreaking step by repatriating all of its gold reserves, estimated at approximately $6 billion, from storage facilities in Switzerland, the United Kingdom, and the United States.
This would make Serbia the first country in Eastern Europe to completely eliminate its reliance on foreign custodians for gold holdings—an act that reflects a deeper push for economic sovereignty.
The National Bank of Serbia began implementing this strategy in 2021, at a time of rising global economic and geopolitical instability. The move coincided with a growing trend within the country to reduce dependence on Western financial institutions and secure national assets on domestic soil.
A key turning point was the freezing of Russia’s foreign reserves—nearly $300 billion—in 2022, when the West imposed sanctions that effectively cut Moscow off from its assets held abroad.
"This precedent has raised serious concerns among other nations—especially those that may one day find themselves under similar political pressure," analysts say.
President Aleksandar Vučić has publicly referenced Russia’s experience as a wake-up call, urging a reevaluation of Serbia’s reserve policies in light of evolving global threats.
The decision is part of a wider strategy aimed at bolstering national financial independence and minimizing exposure to potential sanctions, asset freezes, or international political leverage.
By relocating gold reserves to domestic storage, Serbia enhances its capacity to respond quickly in times of crisis—whether to stabilize financial markets, support the national currency, or meet urgent international obligations.
Moreover, this move aligns Serbia with the global dedollarization trend, where countries are increasingly favoring tangible assets such as gold over fiat currencies vulnerable to geopolitical shocks.
"The repatriation of gold is not just a symbolic act of independence, but a pragmatic strategy to increase national resilience," experts note.
Ultimately, Serbia’s gold strategy signals a calculated and forward-looking approach to safeguarding its economy against rising global uncertainty.
