https://www.rt.com/business/421241-hungary-repatriates-gold-london/
Economic crisis looming? Hungary latest country to repatriate gold
Published time: 14 Mar, 2018 09:59
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© Tamara Abdul Hadi / Reuters
The decision to repatriate gold reserves, in total worth some 33 billion Hungarian forint (US$130 million), was also explained as being for safety reasons, in case of a potential geopolitical crisis.
It is also in line with international trends as storage of gold reserves out of the country is now considered risky by many central banks, including Austrian, German and Dutch regulators. They have recently decided to repatriate their gold reserves.
Hungary's central bank has been keeping gold reserves since its foundation in 1924. The amount was continuously growing until World War II. The largest amount of gold held was around 65-70 tons at the beginning of the 1970s. The bank then decided to decrease gold reserves to the lowest possible level and invest in sovereign debt instead. In light of the Bretton Woods system’s collapse, the decision was considered safer, more liquid and potentially with higher yields.
At the beginning of 2010, the tendency to keep reserves outside the country has changed again and central banks have started to accumulate gold as a potential response to a financial crisis.
The US and Germany are currently the world’s largest holders of gold. Hungary has one of the tiniest amounts of the precious metal compared with other Central European countries. Since 1992, Budapest’s activity has remained steady as the MNB hasn’t bought or sold any of its gold reserves.
For more stories on economy & finance visit RT's business section
https://www.rt.com/uk/421236-putin-deadline-russia-may/
Judgment Day: Putin’s midnight deadline has terminated, so what will Theresa May do next?
Published time: 14 Mar, 2018 09:32
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© Sputnik / Reuters
Theresa May’s deadline for Moscow to explain why former double agent Sergei Skripal was poisoned with a Russian nerve agent on UK soil has passed. So what will happen next?
Russia has said it will not respond to the prime minister’s demand until it has a sample of the toxin and internationally-accepted procedure is followed in the investigation. The case must go through the proper channels of the Organization for the Prohibition of Chemical Weapons (OPCW), of which both Russia and the UK are members, Russia’s Foreign Minister Lavrov has said. The OPCW rules allow London to send a formal inquiry to Moscow, with a 10-day window for a reply.
RELATED: UK TV regulator writes to RT, says it may consider whether channel's license is 'fit and proper'
Russia has denied any involvement in the attempted murder of Skripal, 66, and his 33-year-old daughter Yulia in Salisbury. The two were found slumped on a bench in the town center on March 3, allegedly poisoned with a Soviet-engineered nerve agent called Novichok.
On Wednesday, May will be meeting senior intelligence chiefs in Downing Street. She is then expected to update MPs and make a formal announcement as to what Britain’s next steps will be.
Options floated to punish Russia include pulling England’s team from the upcoming World Cup, expelling diplomats, banning the issuing of visas to Russian citizens, freezing Russian financial assets in the UK, and revoking the television license for the RT TV network.
On Tuesday night, Number 10 said May had received the support of US President Donald Trump, who had previously seemed hesitant to throw his support behind either Russia or the UK. Trump agreed in a phone call with May that Moscow “must provide unambiguous answers as to how this nerve agent came to be used.”
POTUS is not the only one throwing his weight behind the UK. Closer to the Russian border, Baltic States like Estonia, Latvia and Lithuania have all backed May, offering to support the UK and condemning the attack on ex-spy Skripal. France’s President Emmanuel Macron and German Chancellor Angela Merkel have also got behind the UK PM.
Russia's embassy to the UK posted a string of seven tweets saying it will not respond to London’s ultimatum without being given access to samples of the nerve agent. It also raised international obligations that require a joint investigation take place into the incident.
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Economic crisis looming? Hungary latest country to repatriate gold
Published time: 14 Mar, 2018 09:59
Get short URL
© Tamara Abdul Hadi / Reuters
- 369
The decision to repatriate gold reserves, in total worth some 33 billion Hungarian forint (US$130 million), was also explained as being for safety reasons, in case of a potential geopolitical crisis.
It is also in line with international trends as storage of gold reserves out of the country is now considered risky by many central banks, including Austrian, German and Dutch regulators. They have recently decided to repatriate their gold reserves.
Hungary's central bank has been keeping gold reserves since its foundation in 1924. The amount was continuously growing until World War II. The largest amount of gold held was around 65-70 tons at the beginning of the 1970s. The bank then decided to decrease gold reserves to the lowest possible level and invest in sovereign debt instead. In light of the Bretton Woods system’s collapse, the decision was considered safer, more liquid and potentially with higher yields.
At the beginning of 2010, the tendency to keep reserves outside the country has changed again and central banks have started to accumulate gold as a potential response to a financial crisis.
The US and Germany are currently the world’s largest holders of gold. Hungary has one of the tiniest amounts of the precious metal compared with other Central European countries. Since 1992, Budapest’s activity has remained steady as the MNB hasn’t bought or sold any of its gold reserves.
For more stories on economy & finance visit RT's business section
https://www.rt.com/uk/421236-putin-deadline-russia-may/
Judgment Day: Putin’s midnight deadline has terminated, so what will Theresa May do next?
Published time: 14 Mar, 2018 09:32
Get short URL
© Sputnik / Reuters
Theresa May’s deadline for Moscow to explain why former double agent Sergei Skripal was poisoned with a Russian nerve agent on UK soil has passed. So what will happen next?
Russia has said it will not respond to the prime minister’s demand until it has a sample of the toxin and internationally-accepted procedure is followed in the investigation. The case must go through the proper channels of the Organization for the Prohibition of Chemical Weapons (OPCW), of which both Russia and the UK are members, Russia’s Foreign Minister Lavrov has said. The OPCW rules allow London to send a formal inquiry to Moscow, with a 10-day window for a reply.
RELATED: UK TV regulator writes to RT, says it may consider whether channel's license is 'fit and proper'
Russia has denied any involvement in the attempted murder of Skripal, 66, and his 33-year-old daughter Yulia in Salisbury. The two were found slumped on a bench in the town center on March 3, allegedly poisoned with a Soviet-engineered nerve agent called Novichok.
On Wednesday, May will be meeting senior intelligence chiefs in Downing Street. She is then expected to update MPs and make a formal announcement as to what Britain’s next steps will be.
Options floated to punish Russia include pulling England’s team from the upcoming World Cup, expelling diplomats, banning the issuing of visas to Russian citizens, freezing Russian financial assets in the UK, and revoking the television license for the RT TV network.
On Tuesday night, Number 10 said May had received the support of US President Donald Trump, who had previously seemed hesitant to throw his support behind either Russia or the UK. Trump agreed in a phone call with May that Moscow “must provide unambiguous answers as to how this nerve agent came to be used.”
POTUS is not the only one throwing his weight behind the UK. Closer to the Russian border, Baltic States like Estonia, Latvia and Lithuania have all backed May, offering to support the UK and condemning the attack on ex-spy Skripal. France’s President Emmanuel Macron and German Chancellor Angela Merkel have also got behind the UK PM.
Russia's embassy to the UK posted a string of seven tweets saying it will not respond to London’s ultimatum without being given access to samples of the nerve agent. It also raised international obligations that require a joint investigation take place into the incident.
Think your friends would be interested? Share this story!
