Stunning Bulgaria and It's Gold Reserves
Hey everyone I hope you all are fine and doing great. Today I'm going to Write about the Country Bulgaria and It's gold reserves and how gold reserves are playing their role in It's economy.
Overview
It is a country located in Southeast Europe, it is bordered by 4 different countries Romania, Serbia, Greece and Turkey. It has a small population of 7 Million People but their Gold reserves are signifinant.
Gold Reserves
According to the research conducted by World Gold council In April 2021, Bulgaria Holds approximately 40.1 tones of Gold reserves, which is 7% of it's total foreign Reserves.
Bulgarian National Bank
Bulgaria Gold reseves are held and managed by Bulgarian National Bank. It is also knows as Central Bank of Bulgaria. BNB holds gold in the form of gold bars and in the form of coins. The gold is stored in safe vaults and these vaults are located in the capital city of Bulgaria.
The BNB also has some of its gold reserves stored in vaults outside of the country, in order to diversify its holdings and reduce risk.
History
When We look at the Bulgaria history, we found out that it has been into Gold mining for more than 3000 years and there are clear evidence that they have been doing Gold mining since Thracian Times.
The Thracians were known to be skilled goldsmiths and produced a variety of beautiful gold jewelry and artifacts.
Challenges
In recent years, there has been growing concern about the environmental impact of gold mining in Bulgaria and Country is facing some Challenges which i'm listing below
- Deforestation
- Soil erosion
- Water pollution
- Emission Of dengrious Chemicals.
The country is trying it's level to work on all the challanges they are facing when it comes to Gold mining.
Conclusion.
Bulgaria's gold reserves are an important part of the country's economic and cultural identity. They serve as a symbol of Bulgaria's long and storied history, as well as its commitment to maintaining a strong and stable financial system.
