The Czech Republic is rapidly climbing the world gold accumulation rankings, adding up national reserves at a record pace.
The Czech National Bank (CNB) now holds 1.89 million troy ounces of gold roughly 58.8 metric tons, valued at approximately $6.25 billion (EUR 5.48 billion). And it’s only getting started: the CNB will ramp its holdings to 100 tons by 2028.
No nation on the planet has expanded its gold reserves more quickly over the last half-decade, according to financial analytics platform BullionVault, which provided the data used by Czech media outlet E15.cz. The Czech Republic in 2019 and later has expanded its reserves by roughly 45 tons, seven times greater than its holdings prior to the pandemic.
A Strategic Move by the Central Bank
Petr Lajsek, an analyst at Purple Trading, explained that the increase is part of a broader strategy to diversify the country’s foreign exchange reserves and reduce exposure to market volatility.
“As of the end of April, the CNB held 1.89 million troy ounces of gold, equivalent to nearly 59 tons,” said Lajsek. “This aligns with the bank’s long-term strategy to diversify its holdings.”
The central bank’s governor, Aleš Michl, has repeatedly emphasized that the goal is to reach 100 tons of gold reserves by the end of his current term in 2028. Michl has also made it clear that gold isn’t just a passive store of value. A portion of the reserves is actively managed — including short-term lending to other financial institutions.
Outpacing Global Competitors
In terms of growth rate, the Czech Republic has outperformed traditionally strong gold buyers like the United Arab Emirates and Qatar, which have also increased their holdings in recent years but started from significantly higher baselines. A comparable case is Hungary, another Central European country that has been aggressively expanding its gold reserves.
While some nations may have acquired a greater volume of gold in absolute terms during this five-year period, none have matched the Czech Republic’s pace. In fact, the Czech central bank has increased its gold reserves by an astounding 540% — the highest growth rate globally. For comparison, the next closest were Ghana and Hungary, both with reserve growth of 249%.
