The governor of the Bank gave a speech at the opening of the renovated Central Treasury of the Bank
THE Giannis Stournaras announced that the reduction of the basic may begin in 2024 interest rates of central banks, because the right conditions started to develop.
Specifically, the governor of the Bank of Greece gave a speech at the opening of the renovated Central Treasury of the Bank.
The inauguration of the renovated Central Treasury of the Bank of Greece took place this afternoon, in the presence of the President of the Republic Katerina Sakellaropoulou and the prime minister Kyriakou Mitsotakis.
There, the governor of the Bank of Greece stated that “already, for several months, there has been a significant de-escalation of inflation worldwide and, within 2024, it is expected to begin the reduction of the main interest rates of the central banks».
Also, in his address, after making a brief historical review of the value of gold as a reserve instrument, he argued that today, instead of covering the circulation of banknotes, gold is another asset, part of the Bank of Greece’s asset portfolio, which allows it to respond to different conditions and requirements. For citizens, it is no longer a medium of exchange, but a refuge of value in times of uncertainty and crisis. It is no coincidence that gold demand soared during the Great Financial Crisis.
Today, 47% of the gold available to our country is kept in Greece, with the rest being shared between the United States (29%), Britain (20%) and Switzerland (4%).
In today’s environment, the Bank of Greece still carries out the traditional activity of buying and selling gold coins and managing monetary gold, which forms part of the country’s foreign exchange reserves.
