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Malta's gold reserves sink to 23-year low
From The Shift
Valletta, Malta
Monday, August 29, 2022
Malta's gold reserves sank to a 23-year low in July this year, the Central Bank's latest figures show, leaving the country with one less safeguard that can ease financial pressures on the government's purse in times of crisis.
In January, Malta's gold reserves were valued at E3.2 million. By July, most of those reserves were sold off, leaving Malta's central bank with just E82,384 in gold reserves, the lowest since at least 1999. The central bank's publicly accessible archives do not go back any further than that year.
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When asked to explain what motivated the sell-off, a spokesperson for the central bank told The Shift that gold "is held by the central bank and invested for tactical purposes," refusing to elaborate on specific reasons.
"Such holdings vary over time depending on market trends and changes in outlook based on fundamental and technical analysis. The bank's investment portfolio held as at 31 December 2021 had a value of €2.1 billion.
"The contribution passed on to the government's budget each year is taken from the profit made by the bank, which largely depends on the proceeds from the bank's financial assets, including those from gold," the spokesperson said. ...
... For the remainder of the report:
https://theshiftnews.com/2022/08/29/maltas-gold-reserves-sink-to-23-year-low/
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