Ecuador Increases its International Monetary Gold Reserves by $235 million

Fintoism Gold Reserves Eastern Countries

Fintoism News Bits – Various countries are expanding their current gold reserves. Some analysts expect the next financial crisis to be just around the corner. For countries such as Ecuador, bullion remains one of the best stores of value today.

The Gold Reserves of Ecuador

Earlier this week, news broke how Ecuador increased its bullion holdings. After refining nearly 5 tons of gold, the country managed to increase its international monetary gold reserves by $235 million. 

A very significant amount, as a lot of countries appear to be stocking up on this precious metal in recent years.  During the refining process, 160,000 troy ounces of certified fine gold were collected as well. 

The Ecuadorian Central Bank confirmed these reserves will allow the country to embark on future financial operations. What type of operations those would entail exactly, has not been disclosed at this time. 

In Ecuador, additional gold reserves are often purchased from small and artisanal miners with legal certification throughout the country. A total of $211.76 million has been invested in the purchase of unrefined bullion over the years. In total, 102 different miners and mining operations help the country improve its existing reserves. 

Looking at the Future

Ecuadorian Central Bank GM Veronica Artola is excited about what the future may hold. Exploring commercial operations with national monetary gold is one option currently on the table.  She also adds:

“This process marks an institutional and national milestone since not only have the country’s monetary gold reserves been increased, but also this process allows a recomposition of the bank’s balance sheet, generating a positive message to the international community and further strengthens dollarization.”

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