Czech Central Bank Plans Tenfold Increase in Gold Holdings, New Governor Says Precious Metal 'Good for Diversification' – Economics Bitcoin News

with the Czech publication Ekonom, Michl, a conservative economist, also said he will propose to increase the CNB’s shareholding in stocks from the current 16 percent of reserves to 20 percent or more. He argued that central banks in Switzerland and Israel are already doing this and so are large state sovereign wealth funds.

Yes, yield volatility would then be higher – that’s the risk. But the expected return, in the long run, would also be higher. Together with our CNB colleagues Michal Škoda and Tomáš Adam, we are trying to calculate this risk as part of a research project. My vision is to have a long-term profitable CNB.

Michl added that his goal is to make the expected returns on the CNB’s assets exceed the cost of the central bank’s liabilities. According to him, the CNB’s balance sheet and its income statement may seem unimportant to others, but are important to him. Once the CNB starts to make a positive return, the generated profit will be used to “replenish the reserve fund and other funds created from the profit.” The surplus profit will be transferred to the state budget, Michl said.

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