El Salvador Diversifies Reserves with First Gold Purchase Since 1990
El Salvador's central bank has acquired 13,999 troy ounces of gold, worth approximately $50 million, marking its first such purchase in over three decades. The MOVE aligns with a broader strategy to diversify international reserves, following the lead of major economies like China, India, and Turkey.
The Central Reserve Bank (BCR) emphasized gold's role as a "universally strategic asset" to mitigate economic volatility. "This acquisition strengthens our long-term financial resilience," the BCR stated, attributing the maneuver to President Nayib Bukele's asset-building policies.
Notably absent is any mention of Bitcoin—El Salvador's controversial 2021 legal tender—suggesting a pivot toward traditional safe-haven assets amid global market turbulence.
