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The Central Bank of the Philippines on Monday defended the sale of its gold holdings in the first half of the year as part of an active management strategy of the country’s gold reserves.
The re[rt said that the BSP took advantage of the higher prices of gold in the market and generated additional income without compromising the primary objectives for holding gold, which are insurance and safety.
The statement was released after BestBrokers, an online aggregator, found that the Philippine central bank sold the most gold among countries that reported activities to the World Gold Council (WGC) in the first half of the year which was from January to June.
This was followed by Thailand which sold 9.64 tonnes or down by 3.95%, Uzbekistan which sold 6.22 tonnes or down by 1.67%, Mongolia which sold 1.33 tonnes or down by 22.06%, and Singapore which sold by 1.18 tonnes or down by 0.51%.
This hold reserves van help the country during times of crises.
News source: GMA News, Ph
The re[rt said that the BSP took advantage of the higher prices of gold in the market and generated additional income without compromising the primary objectives for holding gold, which are insurance and safety.
The statement was released after BestBrokers, an online aggregator, found that the Philippine central bank sold the most gold among countries that reported activities to the World Gold Council (WGC) in the first half of the year which was from January to June.
This was followed by Thailand which sold 9.64 tonnes or down by 3.95%, Uzbekistan which sold 6.22 tonnes or down by 1.67%, Mongolia which sold 1.33 tonnes or down by 22.06%, and Singapore which sold by 1.18 tonnes or down by 0.51%.
This hold reserves van help the country during times of crises.
News source: GMA News, Ph
