Paris, April 6, 2026
The Bank of France has generated a profit of €12.8 billion by selling and replacing part of its gold reserves held in the United States with standardized bars, while maintaining the country’s total gold holdings at 2,437 tonnes.
Strategic Gold Reserves Restructuring
Between July 2025 and January 2026, the Bank of France exchanged approximately 129 tonnes of gold—equivalent to 5% of its total reserves—from its US holdings. The move involved selling older or non-standardized bars and coins and purchasing new, internationally standardized gold bars. This operation is part of a long-term strategy initiated in the 2000s to modernize and streamline France’s gold reserves.
The decision to sell and replace the gold in the US, rather than transporting and refining it elsewhere, was driven by logistical and financial efficiency. The Bank of France plans to standardize an additional 134 tonnes of gold, primarily older assets, by 2028. This phased approach ensures minimal disruption to the reserves while optimizing their market value and liquidity.
Financial Impact and Balance Sheet Boost
The €12.8 billion profit from the gold exchange has significantly improved the Bank of France’s financial position. After reporting a loss in 2024, the central bank recorded a surplus of €8.1 billion in 2025, bolstered by the gains from this operation. The surplus underscores the strategic importance of maintaining standardized, high-quality reserves that align with global market requirements.