Estonia’s Central Bank has only one 11kg gold ingot remaining in the reserves. Head of Bank’s Financial Market Department Fabio Filipozzi, confirmed the news to media on the occasion of bank’s 100th anniversary.
The 11 kg gold bar is 97 years old, which makes it just three years younger than the bank, valuing around 500,000 euros. Unfortunately, the gold bar is not so pure to be used for financial operations. The rest of the country’s 256 kg (0.25 tones) gold reserves are stored in New York City, US for security reasons. The tradition of storing gold abroad started after Estonia’s Independence from Soviet Russia in 1918.
Tallin sold most the gold reserves back in the 1990s and invested money in other liquid assets, such as bonds and equities, according to the officials.
Estonia currently has the second last spot on European gold reserves ranking before Malta’s 0.08 tonnes. List tops with German 3370 tones, Italian 2452 tones, and French 2435 tones.
A European State has only “One” Gold bar left in reserves, and can’t sell it
