In 2013 the value of gold placed on deposits and current accounts in foreign banks was approximately 8.5 billion ALL, or 68% of the total reserves at home and abroad. Gold and other precious metals included in domestic assets are valued with the fixed exchange rate of London. At the reporting date gold and precious metals in the vaults of the Bank comprise 32% of total reserves or 4 billion.
Source: Bank of Albania
Comments and analysis: ODA
In the 2007-2013 time frame, state?s reserves of gold and precious metals changed. If in 2007 the total reserves in the country and abroad reached a value of 986 million ALL, in 2013 this value has increased about 13 times to score a value of 12.5 billion ALL.
Source: Bank of Albania
Comments and analysis: ODA
In compliance with the domestic legislation, gold and other precious metals are held at fair value based on the market price of gold in London (London Bullion Market), at the reporting date. According to the changes of price changes the calculation of market value for these reserve quantities. This price in the years 2007 – 2012 has undergone significant growth to mark a decrease in 2013.
The price of gold and precious metals by the end of the year according to the gold market in London (London Bullion Market)
Source: Bank of Albania
Comments and analysis: ODA
In 2012 the Bank of Albania reports 12 billion ALL of gold deposit in foreign banks and 6 billion ALL of gold and precious metals in vault, summing a total of 18 billion. Compared with 2012, reserves in 2013 decreased by about 5.5 billion. This decrease comes due to the depreciation of gold and precious metals from 176 thousand ALL per ounce to 122 thousand ALL per ounces, which is initially registered as profit or loss and then transferred to the reserve revaluation.
Reserves of gold and precious metals in the Republic of Albania
Source: Bank of Albania
Comments and analysis: ODA