The BNR has decided to maintain a constant gold reserve, sparking debates among economists regarding liquidity strategy and associated risks.

The National Bank of Romania (BNR) has chosen to maintain its gold reserve at approximately 103.6 tons, an unchanged level for nearly two decades, and to prioritize the increase of foreign exchange reserves. This strategy reflects the need for quick liquidity and financial stability, but has generated debates among economists regarding the role of gold and the risk of falling behind other countries that are constantly increasing their gold reserves.

BNR Governor, Mugur Isărescu, has previously stated that a level of over 100 tons is sufficient, even mentioning a superstition related to exceeding this threshold. In contrast, other central banks have accelerated gold purchases, reflecting a global shift in strategy. Economic consultant Adrian Negrescu emphasized that BNR adopts a cautious approach in the face of geopolitical risks and a possible economic crisis, highlighting the importance of liquidity. Additionally, fluctuations in the international gold price influence BNR's decisions, and the current disinterest in gold could indicate a break in the link between monetary policy and the precious metal. BNR's gold reserves have evolved over time, reaching historical highs in the past, but currently stabilizing at approximately 103.6 tons.