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Purchase and sale of gold

The operations of the Bank of Greece include the purchase and sale of gold, in accordance with Law 2771/1999, Article 15, para 1, and decisions issued by the Bank of Greece as authorised thereunder. According to this legal framework, investment gold (gold sovereigns, gold coins and standardised bullion gold bars or ingots, i.e. gold other than industrial or commodity gold) may be legally acquired or sold only at the Bank of Greece and at credit institutions. Any other person or entity illegally engaging in such activities on a professional basis will be prosecuted.

For as long as the restrictions on cash withdrawals and fund transfers introduced by the Legislative Act of 18 July 2015 (Government Gazette A 84), as currently in force, remain in place, the Bank of Greece will not be purchasing gold sovereigns, gold coins or gold bars against cash and will not be selling gold sovereigns against cheques. Prospective sellers of gold must provide the details of their bank account, by producing a bank book (or other statement) featuring the corresponding IBAN, to which the amount will be credited. Prospective buyers of gold sovereigns will be required to pay in cash.

Following the amendment to the restrictions on cash withdrawals and fund transfers by a Ministerial Decision published in Government Gazette B 2723/03.08.2017, for purchases of gold up to a cumulative amount of EUR 1,800 per calendar month, payment may also be made in cash.

- For as long as the restrictions on cash withdrawals and fund transfers introduced by the Legislative Act of 18 July 2015 (Government Gazette A 84), as currently in force, remain in place, the Bank of Greece (Head Office only) will not purchase gold sovereigns, gold coins or gold bars against cash. Prospective sellers are therefore required to provide a bank account (IBAN code), as evidenced in particular by a bank account booklet, to which the amount will be credited.

- The Bank of Greece sells gold sovereigns at its Head Office (21, El. Venizelou Avenue, Athens, entrance from Stadiou Str.) and branches.

- The Bank of Greece purchases gold sovereigns, gold coins and standardised bullion gold bars only at its Head Office (and not at its branches).

The following pages provide information on the procedures followed for the above transactions, as well as the Price bulletin for gold and gold coins issued by the Bank of Greece.