Around 200 thousand gold pounds circulate annually in the Greek official gold market, equivalent in value to 2%-3% of the total deposits of Greek citizens in financial institutions, according to data from Piraeus Bank.
Piraeus Bank and the Bank of Greece are the two institutions that provide pound buying and selling services in Greece, according to Dimitris Beloumbasis, Head of Sales, General Manager of Piraeus.
As he stated in a presentation made to journalists, Piraeus holds more than 55% of the market share, a percentage that is estimated to reach 60% this year. Piraeus Bank has three branches, one of which is at its headquarters in Syggrou, the other in Heraklion, Crete, and the third in Thessaloniki, where citizens’ pounds are valued, bought and sold.
According to the data provided during the presentation, Piraeus Bank buys pounds from citizens on average at a rate of 60% and sells 40%. This ratio, as estimated by sources from the bank, can change depending on the year or the seasonality of the pounds, as December and spring are usually periods of significant purchases of pounds by citizens.
Regarding the Bank of Greece, Beloumbasis noted that it is the only European central bank that holds both coins and gold bars, as regards the investment gold market, in contrast to the other European central banks, which only hold gold bars.
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