The Banque de France has made a notable move by shifting 129 tonnes of gold reserves from New York to Paris, a transaction that represents nearly five percent of the nation’s total gold stockpile of approximately 2,437 tonnes. This strategic repatriation generated a profit of €12.8 billion, showcasing the financial acumen of the central bank.
François Villeroy de Galhau, the Governor of the Banque de France, emphasized that “the effort was aimed at replacing older, ‘non-standard’ gold bars with bullion that meets current international specifications.” This shift not only modernizes France’s gold reserves but also aligns with a growing trend among central banks worldwide to store gold domestically.
Historically, France has stored a portion of its gold at the Federal Reserve in New York, a practice that dates back to World War II. However, recent developments indicate a significant change in this approach. As of now, 59 percent of central banks prefer to keep their gold within national borders, a marked increase from 41 percent in 2024.
This trend is not isolated to France. For instance, Germany continues to store around 1,236 tonnes, or roughly 37 percent of its reserves, in U.S. vaults. Similarly, India has repatriated more than 274 tonnes of gold since March 2023, with the Reserve Bank of India holding about two-thirds of its total gold reserves domestically.
The Banque de France’s recent report highlighted a net profit of €8.1 billion for 2025, a significant turnaround from a loss of €7.7 billion the previous year. This financial rebound further underscores the importance of gold reserves in national economic strategy.
As central banks adapt to changing economic landscapes, the repatriation of gold reserves is likely to continue. Observers expect that this trend will reshape how nations manage their wealth and respond to global financial uncertainties.
Details remain unconfirmed regarding future plans for further repatriations or adjustments in gold management strategies by the Banque de France. However, the current shift marks a pivotal moment in France’s approach to its gold reserves and reflects broader global economic trends.
