Bulgaria's Gold: A National Asset or a Risk Abroad?
From the parliamentary rostrum, the political party "Vazrazhdane" sharply raised the issue regarding the location of the Bulgarian gold reserve. According to Dimo Drenchev, physically bringing the gold back into the vaults of the Bulgarian National Bank (BNB) is a guarantee of national security.
"Possessing the gold on our physical territory would protect it from external risks," Drenchev stated.
Currently, about 62% of our gold reserves are stored in London. The BNB's arguments for maintaining liquidity and investment opportunities are facing serious opposition.
Main concerns of "Vazrazhdane":
- Lack of control: The claim that the gold is accessible at any time is being questioned.
- Transparency: Politicians are demanding a clear report on the status and physical availability of the asset.
- The Eurozone: With the transition to the euro, decisions are made by the ECB, which the party argues makes storage abroad unnecessary.
"Vazrazhdane" categorically rejected the BNB's thesis that returning the gold would scare away foreign investors. On the contrary, according to them, this would be a sign of the end of "colonial dependence" and the beginning of a responsible national policy.