A significant amount of gold, weighing 400 kilograms, has been moved from the Jubilee Palace in Addis Ababa to the vaults of the National Bank of Ethiopia (NBE).
The transfer, valued at approximately $36 million based on current market prices, followed the completion of renovations at the palace, which serves as the official residence of the Ethiopian President.
Ethiopian Prime Minister Abiy Ahmed announced the move during a parliamentary session on Thursday. The gold was previously held at the palace located on Menelik Avenue.
The transfer to the NBE's secure vaults ensures its safekeeping and management. The renovations at the Jubilee Palace were carried out by local construction firm Varnero.