Why European Countries Are Moving Their Gold Reserves
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European countries are now moving more of their gold reserves back to their own countries. The Netherlands is the latest to do this, moving 86 tonnes of gold that was kept in the United States and Canada. The Dutch central bank said this will help the country be better prepared if there is a serious crisis. Some of the gold was moved to the Netherlands, and some was moved to the Bank of England in London.
In the past, European central banks kept their gold in foreign countries like the US for safety, especially during wars like the Cold War. Today, there is more worry about wars and political problems, so countries want their gold closer to home. Other countries like France and Germany have also moved some of their gold back in recent years.
After moving their gold, countries like the Netherlands say they will be more ready if a major problem happens. Having gold close by also means they can use it more quickly if there is a financial emergency.
Vocabulary
6 wordssupply of assets kept for future needs
a time of great difficulty or danger
main office that manages a national economy
belonging to a country other than yours
related to the government of a country
related to the management of personal money
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