This is due to a number of factors, including a one-off and exceptional transaction, for which we are pleased to provide the following details:
- Since 2005, the Banque de France has pursued a consistent policy to bring its gold reserves into line with guidelines, in order to comply with the LBMA, the world’s leading standard, requiring a gold purity of 99.99%.
- The residual portion of the stock, amounting to 129 tonnes or 5% of the total, which was held in New York, did not meet this standard. Rather than embarking on a lengthy and risky logistical operation, the simplest solution was to sell this gold and then buy back gold of the highest standard in Europe. The sale of these US gold bars generated an exceptional capital gain of EUR 11 billion in 2025.
- This capital gain was duly recorded in the Banque de France's accounts and therefore belongs, along with the Bank's very sound net equity (EUR 283 billion), to all French citizens. France’s gold reserves stand at 2,437 tonnes and will remain unchanged. The central bank’s sound balance sheet, together with the implementation of appropriate monetary policy, is one of the key factors underpinning confidence in our currency.
