The inauguration ceremony of the renovated main vault of the Bank of Greece took place on Tuesday afternoon in the presence of Prime Minister Kyriakos Mitsotakis and the President of the Republic of Greece, Katerina Sakellaropoulou.

During the ceremony, Yiannis Stournaras, the Governor of the Bank of Greece, provided a historical backdrop regarding the significance of gold as a reserve asset. He emphasized  its contemporary importance as a pivotal asset within the bank’s portfolio, enabling it to adapt to varying conditions and demands.

Furthermore, Stournaras highlighted that in times of uncertainty and crisis, gold transcends its traditional role as a medium of exchange to become a reliable store of value. This shift in perception is evidenced by the surge in demand for gold during the period of the global financial crisis.

Presently, Greece retains 47% of its gold reserves domestically, while the rest is distributed among the United States (29%), Britain (20%), and Switzerland (4%). Stournaras emphasized the modernization of the Bank of Greece’s Central Vault, which now boasts cutting-edge sorting, inventory management, and security systems.

Regarding current economic trends, Stournaras pointed out the significant global moderation of inflation over recent months. Moreover, he anticipated that by 2024, central banks would commence reducing interest rates in response to prevailing economic conditions.