Bank of Italy Stands Alone on Gold Reserves

The Bank of Italy has announced that it will not be following the lead of the Dutch central bank, De Nederlandsche Bank (DNB), in transferring its gold reserves. Unlike the DNB, which moved 86 tonnes of gold from the US and Canada to the Bank of England between March and August 2026, the Bank of Italy has chosen not to make a similar move.

The decision by the Dutch central bank was reportedly made to improve the liquidity and marketability of its reserves and strengthen its resilience to crises. The DNB stated that it wants to achieve a more balanced distribution of its reserves to spread the risk, particularly in an increasingly unstable international situation.

The Bank of Italy has a total gold reserve of 2,452 tonnes, valued at approximately 280 billion euros, making it fourth in the world in terms of gold reserves. Its reserves are held not only in the vaults of Palazzo Koch in Rome but also at various other banks abroad, including the US, where 1,061.5 tonnes (43.29% of the total) are held.