Banque de France Completes U.S. Gold Exit, Records €12.8 Billion Gain
The Banque de France has finalized the removal of its remaining gold reserves from the United States, a strategic move that generated a capital gain of €12.8 billion (approximately $15 billion). The operation, which concluded the repatriation of assets held at the Federal Reserve in New York, is part of a broader effort to modernize the nation’s financial reserves.
Between July 2025 and January 2026, the French central bank updated 129 tons of gold—representing roughly 5% of its total holdings. Rather than refining and transporting the physical gold from the U.S., the bank opted to sell the existing assets and purchase new, internationally standardized bars through European exchanges. This decision underscores a shift toward increasing the liquidity and manageability of the state’s assets.
According to reports, France withdrew its gold reserves from the USA to ensure that its total reserves, now amounting to 2,437 tons, are held entirely in Paris. The bank clarified that the move was based on economic justification rather than political motivations, focusing on the transition from older, non-standard gold and coins to bars that meet current global requirements.
This completion marks the end of a long-term repatriation strategy. The most significant movements of gold occurred decades ago, between 1963 and 1966, when the majority of France’s reserves were moved from the Federal Reserve and the Bank of England. By consolidating these assets in Paris, the French central bank earned 13 billion euros by streamlining its holdings, making them safer to manage and more efficient to trade or sell on the international market.
The modernization process is not yet complete. The Banque de France has indicated that it still holds 134 tons of older bars and coins, which it intends to replace with modern standard gold by 2028. This ongoing transition highlights the importance of maintaining gold reserves that are compatible with contemporary international trading standards to ensure maximum financial flexibility.
The strategic shift is reflected in recent market coverage, noting that France has fully withdrawn its gold reserves from the USA, further securing its financial autonomy. the realized profit of €13 billion underscores the financial viability of the asset swap.
For further details on the operational specifics, Fakti.bg’s business report provides additional context on the total reserves now held in Paris.
