Czech central financial institution governor Michl needs to purchase 60 tons of gold, ” gradual purchases”

Czech National Bank Governor Aleš Michl has outlined plans aimed at improving returns on its foreign-currency reserves.

Over the next five years he plans to:

• boost the share of equity holdings in reserves to 30%
• boost gold holdings from currently around 40 metric tones to 100

Says the bank won’t try to time the market in equities or gold, just make gradual purchases

Says the primary goal of the bank is still “price and financial stability”