Italian lawmakers revive Italy’s claim on central bank’s $300 billion gold pile

Italian lawmakers have revived attempts to establish that the central bank’s $300 billion in gold reserves belong to the state by presenting a proposal to parliament.

The lawmakers who signed off on the proposal, which was tabled as an amendment to next year’s budget, are all senators from Prime Minister Giorgia Meloni’s Brothers of Italy party.

The Bank of Italy sits on the world’s third-largest national gold stockpile, behind only the U.S. and Germany.

The 2,452 metric tons of gold held in its vaults are worth an estimated $300 billion at current prices, equivalent to around 13% of 2024 national output.

Politicians of all parties have called in the past to clarify ownership of the gold and then sell it to cut Italy’s public debt, which is now more than 3 trillion euros ($3.48 trillion) and is seen peaking at 137.4% of GDP next year.

Critics say such initiatives would undermine the central bank’s independence established under European Union treaties.

“The gold reserves managed and held by the Bank of Italy belong to the state, on behalf of the Italian people,” said the proposal presented to parliament, which was first reported on Tuesday by Italy’s Il Messaggero newspaper.

Source:  Reuters