Latvia holds biggest gold brick among Baltics

Take note – story published 9 years ago

Latvia has more gold reserves than its neighboring Baltic states and is ranked in 79th position globally, according to the latest report released by the World Gold Council Thursday.

The World Gold Council is the market development organization for the gold industry, but gets each country’s gold reserve data from the International Monetary Fund (IMF).

According to the IMF data, Latvia is currently holding 6.6 tons of gold in its reserves, which moved the country up a notch from its place in the previous report.

Lithuania, with its 5.8-ton reserves of gold holding steady, also moved up a rung and remains two spots behind Latvia at 81st, while Estonia is not included on the World Gold Council’s list of top 100 gold holders.

The United States, Germany and the IMF itself account for the top three largest gold holdings by nation or international organization.

Gold reserves refer to the gold held by national central banks. They are meant to be a store of value and to guarantee redemption of payments to depositors, note holders of paper money and trading partners, or to keep a currency secure and stable.

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