Hungarian Gold Reserves Audited by Parliament

The Hungarian government’s gold reserves have been audited by members of the Committee on Security and Defence in the Hungarian National Assembly, Committee Chairman Lajos Kósa has informed the public during an appearance on the Hungarian public television M1.

The 94.7 metric tonnes of precious metal is being safely guarded in a Hungarian National Bank facility in Budapest, Hungary. Members of the Committee were able to physically inspect the reserves on location, along with the inventory records and the security measures in place.

MP Kósa shared that opposition MPs have been questioning if Hungary’s gold reserves are intact, and even pushed for National Bank Chairman Mihály Varga to give personal guarantee for the gold, which resulted in a surprise inspection by the Security and Safety Committee. Both government and opposition MPs took part in the audit.

An additional 15.5 metric tonnes of Hungary’s gold reserves are currently stored by the London Bullion Market Association in London, United Kingdom, Kósa told the audience, bringing the total to 110.2 metric tonnes.

110.2 metric tonnes of gold is worth approximately $11.95 billion at gold’s current market price.

The MP also pointed out that national banks across the world have been increasing their gold reserves in recent years, as a measure to stabilize their national currencies. In contrast, the Hungarian government in the early 1990s, after the regime change, sold most of its gold reserves, which were down to just three metric tonnes at its lowest.

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