BERLIN, January 28. /TASS/. The head of the German Federal Bank (Deutsche Bundesbank), Joachim Nagel, believes that Germany’s gold and foreign currency reserves, stored in the US Federal Reserve System in New York, are safe.

"We regularly review our concept of storage [of the gold and foreign currency reserves]. Ten years ago, as part of this process, we decided to bring 300 metric tons from New York back to Frankfurt. I have no doubt that our gold is safely stored by the Federal Reserve System in New York. These reserves have a special protection status," Nagel said in an interview with Frankfurter Allgemeine Zeitung.

Earlier, former Head of Research of Deutsche Bundesbank Emanuel Monch advised the German Central Bank to look into the possibility of bringing the country’s gold and foreign currency reserves back to its territory. Between 2013 and 2017, Germany returned some of its reserves from New York and Paris. At present, Deutsche Bundesbank holds nearly half of the entire stock, with the rest stored in New York and London.

Germany has the world’s second-largest gold reserves of 3,375 tons. Nearly 37% are currently stored by the Federal Reserve Bank of New York.