Gold reserves

Gold reserves are an integral part of the Italian Republic's official reserves and strengthen trust in the stability of the Italian financial system and the single currency.

Banca d'Italia is the fourth-largest holder of gold reserves in the world, after the US Federal Reserve, Germany's Bundesbank and the International Monetary Fund. Italy's total gold reserves amount to 2,452 tonnes, consisting mainly of bars (95,493) and, to a lesser extent, coins. The updated value of the gold is published annually in Banca d'Italia's Annual Accounts.

The amount of gold at the Bank's disposal reflects a series of events over more than 130 years of its history. In 1893, the merger of three issuing institutions (Banca Nazionale del Regno d'Italia, Banca Nazionale Toscana, and Banca Toscana di Credito) led to the creation of Banca d'Italia with its own initial gold holdings. The gold reserves increased over the years until the start of World War II, then fell to their lowest point at the end of the conflict, partly due to the removal of some of them by the occupying forces.

In the post-war period, Italy became an exporting country and benefited from substantial inflows of foreign currency, mainly US dollars, which were partly converted into gold. One notable use of gold occurred in 1974, when it was pledged as collateral for a loan from the Bundesbank. At the end of the 1990s, following the transfer of the gold held by the Italian Exchange Office and the allocation of part of the reserves to the ECB upon the launch of the Economic and Monetary Union, the gold reserves stabilized at the current amount of 2,452 tonnes.

The gold is stored in vaults at Banca d'Italia and at major central banks. This choice is due not only to historical reasons linked to the locations where the gold was purchased, but also to a diversification strategy aimed at minimizing risks. Moreover, storage in major financial centres allows it to be used more quickly if needed, thus reducing costs and the time associated with transporting it.
Banca d'Italia's vaults also hold a portion (100 tonnes) of the reserves allocated to the ECB.

Geographical location and verification

  • United Kingdom

    5,76%
    141.2 tonnes

  • Switzerland

    6,09%
    149.3 tonnes

  • USA

    43,29%
    1,061.5 tonnes

  • Italy

    44,86%
    1,100 tonnes

  • Total

    100%
    2,452 tonnes

Each year, in collaboration with Banca d'Italia's Internal Auditors, the external auditors in charge of certifying the Bank's financial statements verify the stocks of gold held in the Bank's headquarters in Via Nazionale. The checks on gold held abroad are based on annual certifications issued by the custodian central banks. Banca d'Italia may also carry out direct inspections of gold held at other central banks.

Sezione di approfondimento