One of the mysteries of the English language finally explained.
A quantity of gold held by a central bank to support the issue of currency.
- ‘Some governments are already beginning to sell off their gold reserves.’
- ‘But the price fell back and was further hit in the 1990s when many of the world's central banks were selling off their gold reserves.’
- ‘The officials agreed to keep studying the possibility of revaluing IMF gold reserves to raise money for debt-relief programs, which would not involve actual sales of bullion.’
- ‘They had to be careful of the amount of notes they issued and they protected themselves by carrying gold reserves.’
- ‘While the original Bretton Woods was a formal system that fixed nations' currency rates to their gold reserves, Bretton Woods II is an informal arrangement that pegs exchange rates to the U.S. dollar.’
- ‘A competing proposal from Britain would pay for expanded debt relief by revaluing the IMF's gold reserves according to world prices and by getting wealthy nations to commit more money.’
- ‘In particular, the 1844 Bank Act, which gave a note-issuing monopoly to the still privately owned Bank of England, also required that notes be backed 100 percent by gold reserves.’
- ‘The European Central Bank has gold reserves totaling 766.9 tons, worth about $9.25 billion, which were supplied by its members' national central banks.’
- ‘This is a despicable arrangement when pitted against the disciplining and self-correcting Bretton Woods global currency regime backed by quantifiable gold reserves.’
- ‘The ability of the Bank of England to provide liquidity was thus limited by its gold reserves.’
- ‘But they made no mention of a British proposal under which the International Monetary Fund would sell some of its gold reserves to cancel the debt owed it by poor countries.’
- ‘This was accomplished at the considerable cost of over 220 million gold rubles, approximately 30 percent of Russia's gold reserves during the years immediately after the civil war.’
- ‘Many governments no longer base their treasuries on the so-called gold standard though the United States, Austria and other countries maintain a gold reserve.’
- ‘Many people then exchanged silver money for gold and the Treasury's gold reserve became seriously depleted.’
- ‘The second time came twenty years later when, in the midst of the depression following the Silver Panic of 1893, the U.S. Treasury faced a rapidly dwindling gold reserve.’
- ‘It was not until the 1870s that linking currency to gold reserves was standard practice throughout the world.’
- ‘Soviet gold reserves and foreign currency accounts had disappeared, never to be found.’
- ‘Unlike gold certificates, with 100% gold backing, Federal Reserve Notes only had a 40% gold reserve behind them, enabling a dramatic expansion of the currency.’
- ‘Sixty percent of the current gold reserves are held by U.S., Germany, France, Switzerland and Italy.’
- ‘Early indications are good, and the company's fund raising has been given a boost by the discovery, last week, that gold reserves at the site are 6.2 million ounces, rather than 4.9 million as its initial prospectus suggested.’
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