Czech Central Bank Plans Tenfold Increase in Gold Holdings, New Governor Says...
The incoming governor of the Czech National Bank (CNB), Aleš Michl, has said he plans to increase the institution’s gold holdings almost tenfold from the current 11 tonnes to 100 tonnes. Michl also said he will ask the bank’s foreign exchange reserves management team to invest in stocks. Growing the CNB’s Shareholding The incoming governor of the Czech National Bank (CNB), Aleš Michl, has said gold is good for diversification because “it has zero correlation with stocks.” Therefore, under his stewardship, the CNB hopes to increase its....
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Despite the apparent slow embrace of the e-naira digital currency by Nigerians, the Central Bank of Nigeria governor has said his institution is targeting a tenfold increase in the number of users of the digital currency in the next twelve months. The governor predicted that the use of cash will “dissipate to zero” while the “use of digital currency will increase to become part of our lives.” E-Naira to Become Available to All Nigerians Some ten months after its launch, the app for the Nigerian central bank digital currency (CBDC) — the e-naira —....
The Polish central bank, the National Bank of Poland (NBP), is reportedly planning to raise its gold reserves by 100 tons in 2022. According to bank governor Adam Glapinski, the objective of this decision is to prepare Poland for “the most unfavourable circumstances.”
Gold’s Safe Haven Status
In his remarks during an interview with the Gazeta Wroclawska newspaper, Glapinski explained why the NBP has chosen to increase its gold holdings. He said:
Why does the central bank own gold? Because gold will retain its value even when someone cuts off the power....
The total quantity of gold held in reserves by central banks topped 36,000 tons for the first time since 1990, data from World Gold Council has shown. This increase follows growth in the banks’ reported holdings of the asset by 4,500 tons over the past decade.
Dollar’s Decline a Boon for Gold
The amount of gold held in reserves by central banks as of September 2021 grew to a new high of 36,000 tons for the first time since 1990. According to the World Gold Council (WGC), this increase in central banks’ gold holdings to a 31-year-high came after the....
According to Patrick Njoroge, the governor of the Kenyan central bank, the significant number of non-smartphones that are in use in Kenya means launching a central bank digital currency (CBDC) now may be premature and could lead to many citizens being financially excluded.
Central Bank Mulls Delaying CBDC Rollout
The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has suggested the lack of access to smartphones of more than half of Kenya’s mobile phone users is working against its plan to launch a CBDC. He warned the central bank may be forced to delay its....
The governor of the Jamaican central bank has warned people using or who have plans to use cryptocurrencies to be mindful of the associated risks. The governor added that cryptocurrencies’ unpredictability means they cannot function as a medium of exchange.
Not Stable Enough to Be Good Means of Payment
The governor of the Bank of Jamaica, Richard Byles, has cautioned those using or planning to use cryptocurrencies to be mindful of the unpredictable nature of the assets. Byles also said he considers cryptocurrency an investment instrument rather than a medium of exchange....