The annual accounts declared by the World Gold Council, released every January, show Portugal has more gold than wealthier nations such as the United Kingdom, Saudi Arabia and Spain.
Current reserves in the country are calculated at 383 tonnes, which is estimated at 12.1 billion euros in current market prices of the precious commodity.
The biggest gold reserves continue to be held by the United States, with more than 8,134 tonnes of bullion held at depositories such as Fort Knox.
Germany came second with 3,381 tonnes, followed by IMF with 2,814 tonnes.
Portugal, in terms of monetary reserves, has the fourth highest ratio of gold reserves, standing at just over 68 percent, though down on the 2015 figure of 75.3 percent.
However, the value of gold has dropped since the peak of the crisis, with Portugal’s gold reserves, which have remained unchanged since 2012, worth 16 billion euros.
The World Gold Council (WGC) has suggested that the European Parliament pushes for Portugal to be allowed to offer gold as collateral for sovereign debt issuance.
“Portugal has gold reserves in excess of 20 percent of its financing requirements over the next two years”, the World Gold Council said in a report based on research done on its behalf by the London-based group, Europe Economics.
The Portugal Newsonline
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