BUSINESS

Dutch not planning to examine gold reserves held abroad, including in Canada

12/13/2012 04:38 EST | Updated 02/11/2013 05:12 EST
AMSTERDAM - The Dutch central bank has no plans to physically inspect its gold reserves held in other countries, despite recent moves by Germany's Bundesbank to do so.

Finance Minister Jeroen Dijsselbloem cited yearly accounting procedures and his trust in foreign central banks where Dutch gold is stored, in a letter to parliament published today.

Dijsselbloem said that 51 per cent of Dutch gold reserves are in New York, 20 per cent in Ottawa, 18 per cent in London and 11 per cent in Amsterdam.

According to a 2010 publication, the Dutch central bank owns 612 tonnes of gold, worth roughly €25.7 billion ($33.6 billion) at current prices.

The Dutch bank sold off more than half its reserves during the 1990s and a little in the 2000s, stopping in 2008.