Foreign currency and gold reserves, investment portfolio, and asset management services

Balance sheet data in euros as at 31 December 2024:

  • Value of gold:

    € 197.9 billion

  • Value of foreign currency reserves:

    € 56.8 billion

  • Value of investment portfolios:

    € 150.3 billion

Banca d'Italia is tasked with holding and managing the country's official reserves, consisting of financial assets in foreign currencies and gold; like the other Eurosystem national central banks (NCBs), it also manages part of the foreign currency reserves of the European Central Bank (ECB).

Official reserves contribute to sustain the credibility of the European System of Central Banks (ESCB), support foreign exchange market interventions and enable Italy to fulfil its commitments towards international financial institutions.

The Bank holds a euro-denominated financial portfolio which, together with foreign currency reserves and net of liabilities other than those relating to monetary policy, constitutes the Net Financial Assets. The function of these Net Financial Assets is twofold: they contribute to the coverage of operating costs and safeguard the Bank's financial soundness against the risks associated with conducting institutional activities. Financial autonomy is essential for preserving independence from any political or administrative influence and for carrying out institutional tasks.

Investment activity aims at safeguarding assets - even under adverse scenarios - ensuring liquidity, profitability and improving the sustainability profile.

Financial risks are managed through a strict selection of counterparties and financial instruments to mitigate credit risk exposure, as well as through the monitoring of quantitative risk measures. To safeguard against legal risk, relationships with counterparties eligible for investment operations are governed by master agreements issued by international market associations and commonly used in international practice. The templates are adapted to reflect the nature and institutional functions of the Bank. Investment activity is subject to the prohibition of monetary financing under Article 123 of the Treaty on the Functioning of the European Union.

The Bank also provides financial services to some institutional clients, including central banks and international organizations.