Under the Law of Autonomy of the Banco de España, the Banco de España is entrusted with holding and managing Spain’s official foreign currency and precious metal reserves, known as international reserves. The Bank manages these reserves in accordance with the principles of neutrality, prudence, professionalism and efficiency. At the end of 2025, gold accounted for 31% of these international reserves. As for foreign currency reserves, the Banco de España manages those that remain on its balance sheet after some were transferred to the European Central Bank (ECB) when the Eurosystem became operational in 1999. Each central bank’s contribution was determined based on its share in the ECB’s capital, calculated using two equally weighted factors: each country’s population and economy relative to the size of the EU as a whole.
Find out more:
- What are international reserves?
- Monthly data on the composition of international reserves
- The Banco de España’s share in the ECB’s capital
Why does the Banco de España have gold?
International reserves help the Banco de España to perform its functions. Like the other financial assets that make up the reserves, gold helps diversify investments and can provide some stability during periods of economic or financial uncertainty. In the past gold played a key role in the international monetary system, particularly under the Bretton Woods gold standard. While it has lost that central role, gold remains a common reserve asset among central banks.
How much gold does the Banco de España have and how much is it worth?
At the end of 2025, the Banco de España’s gold reserves amounted to 281.6 tonnes, equal to 9.05 million troy ounces. The Banco de España publishes monthly information on its gold holdings, including the amount held and its value, which is calculated using market prices on each reporting date.
Where is it kept?
For security, diversification and operational efficiency purposes, the gold reserves have historically been stored in broadly equal amounts in Madrid, London and New York. Storing reserves in different locations not only enhances their security, but also ensures they are available for trading on some of the world’s major markets. Using a combination of domestic and international locations is common practice among central banks.