March 28, 2019 / 8:54 AM / 24 days ago

Countries must seek ECB approval to manage gold reserves: Draghi

FRANKFURT, March 28 (Reuters) - The European Central Bank needs to approve any operation in the foreign reserves of euro zone countries, including gold and large foreign currency holdings, the ECB’s President Mario Draghi said on Thursday.

“The ECB shall approve both the operations in foreign reserve assets remaining with the NCBs (national central banks)...and Member States’ transactions with their foreign exchange working balances above a certain threshold,” Draghi told two Italian members of the European Parliament.

“The purpose of this competence is to ensure consistency with the exchange rate and monetary policy of the Union.” (Reporting By Francesco Canepa)

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