The Federal Reserve’s Board of Governors published a note on August 1 2025 examining cases in which governments and central banks have used gains from revaluing gold and foreign‑exchange reserves. Only five countries – Germany, Italy, Lebanon, Curacao and Saint Martin, and South Africa – have taken advantage of such proceeds over the past 30 years. In each instance the revaluations either offset operating losses for a central bank or were transferred to the central government to retire debt. For example, Italy used €13 billion of gold‑valuation gains to cover a one‑off loss in 2002, while South Africa announced a R150 billion transfer in 2024 to reduce borrowing costs. The note notes that the scale of the proceeds varied, ranging from about 0.5 % to 3 % of a country’s GDP.
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https://www.federalreserve.gov/econres/notes/feds-notes/official-reserve-revaluations-the-international-experience-20250801.html
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