The Chamber of Deputies adopted on Wednesday, April 24, the draft law that obliges the National Bank of Romania (BNR) to repatriate most of the gold reserves held in London, at the Bank of England.

At present, 65% of Romania’s gold reserve is kept at the Bank of England.

The project, initiated by ruling party PSD leader Liviu Dragnea and senator Serban Nicolae, was adopted by the Chamber of Deputies with 165 votes in favor, 90 against and three abstentions, local News.ro reported. The Senate had adopted the bill on April 1.

The project, which amends the law on BNR’s statute, was submitted to the Parliament at the end of February. Its initiators argued that, given the positive evolution of the Romanian economy in the last years, BNR’s policy on regarding the establishment and administration of gold reserves could change.

“Nothing in Romania’s economic situation justifies keeping such a quantity of gold as a reserve abroad, with the associated costs, which are not to be neglected, when this reserve can be kept and supplemented, accordingly, in deposits in the country,” the two initiators said.

To come into force, the project must be promulgated by president Klaus Iohannis.

newsroom@romania-insider.com

(Photo source: Shutterstock)