Sale of gold
Czech National Bank has sold 25 tonnes of gold in the year 1997. Transactions to protect value of another 31 tonnes of gold were taken in 1997 as well.
When deciding on the sale of part of the gold reserves, the Board of CNB has argued that the size of gold in CNB´s reserves did not correspond to the targets of holding foreign currency reserves.
This sale will be settled and reflected on the CNB´s balance sheet on 5 March 1998. After the settlement of this sale , CNB´s gold reserves will be at 45 tonnes, 5 tonnes of which treated separately as the so called "gold of the Slovak state". Apart from its own gold reserves, CNB also manages 4 tonnes of gold of National Bank of Slovakia, which CNB withholds in relation to the unresolved problems of division of the balance sheet of the State Bank of Czechoslovakia.
CNB - M. Švehla