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Austrian central bank continues repatriation of gold reserves

Xinhua, December 7, 2016 Adjust font size:

The National Bank of Austria (OeNB) has repatriated 15 tonnes of gold in 2016 in line with plans to bring back home half its gold reserves by 2020, Die Presse reported on Tuesday.

The central bank announced it would repatriate half its 280 tonnes of reserves about two years ago, having so far moved back 30 tonnes.

OeNB treasury director Franz Partch said in an interview that the bank plans to "bring back significantly more in 2017."

The gold bars are transported from London in five-tonne lots, under absolute secrecy.

According to the plans, half of the 280 tonnes are to remain in London, while the other half is to be located in Vienna, where it is to be reserved in case of "extreme crises."

The central bank appears on schedule to meet its 2020 timeframe, with some observers believing the transfer may be completed sooner. Endit