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Bank of Albania's gold reserves reach record 500 million euros

2026-03-23 14:04:19Biznes SHKRUAR NGA REDAKSIA VOX

Bank of Albania's gold reserves reach record 500 million euros

The value of the gold reserve held by the Bank of Albania has reached historic highs, driven by rising prices, but also partly by the increase in the quantity of reserves.

According to statistics from the Bank of Albania, at the end of January this year, the value of gold in the country's foreign exchange reserves reached 498 million euros, the highest ever recorded. Compared to a year earlier, the value of the gold reserve has increased by more than 70%.

Also, the specific weight of gold in the foreign exchange reserve has reached its highest historical level at 6.8%, up from 4.65% a year ago. Gold remains the only physical asset in the foreign exchange reserve structure, which is overwhelmingly composed of foreign currencies and debt securities denominated in these currencies.

The price of gold has been steadily increasing over the past year and the first half of this year. Currently, gold is quoted at around $5,000 per ounce (a unit equal to 28.35 grams). On an annual basis, the price of gold expressed in dollars is up by approximately 65%, while in euros the price increase is around 57%.

The rise in the price of gold has been driven by various factors, starting from geopolitical conflicts, especially the ongoing tensions in the Middle East. In general, the price of gold tends to rise in periods of uncertainty, as it is considered a safe and stable asset. Another factor is the increase in demand for gold, driven especially by the large purchases being undertaken by Central Banks.

In an interview with "Monitor", the Director of the Monetary Operations Department at the Bank of Albania, Marian Gjermeni, stated that the approach followed by the Bank of Albania in recent years has been similar to that of other central banks, which have increased the weight of gold in their reserves. This phenomenon has been more pronounced for central banks of developing economies, compared to those of developed economies.

"The gold reserves of the Bank of Albania continue to be comparable to those of similar central banks. Over the last year, the Bank of Albania has increased the amount of gold in its reserves.

"This approach will continue to be followed in the coming years, provided it is supported by the performance of the qualitative and quantitative factors that are assessed by the Bank of Albania to determine the weight of this asset in its reserves," said Mr. Gjermeni.

Overall, the foreign exchange reserve has been growing rapidly in recent years, supported by the Bank of Albania's ongoing foreign exchange purchases, but also partly by the increase in the value of assets, such as gold. In January 2026, the total value of reserve assets reached 7.33 billion euros, the highest historical level and up 16.6% compared to the previous year. /monitor.al


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