Transfer of foreign reserve assets
Article 3
1. BNB shall transfer to the ECB, with effect from 1 January 2026 and in accordance with this Article and the arrangements taken pursuant to it, an amount of foreign reserve assets that is equivalent to EUR 1 482 514 654,83 as follows: Euro-equivalent amount of US dollars in the form of cash Euro-equivalent amount of gold Aggregate euro-equivalent amount 1 260 137 456,61 222 377 198,22 1 482 514 654,83 2. The euro-equivalent amount of foreign reserve assets to be transferred by BNB under paragraph 1 shall be calculated on the basis of the exchange rates between the euro and the US dollar as calculated for the purpose of the ECB’s euro foreign exchange reference rates on 31 December 2025 and, in the case of gold, on the basis of the price of gold per fine troy ounce established in the concertation procedure for the ECB’s internal purposes on 31 December 2025. 3. The ECB shall confirm to BNB as soon as possible the amount calculated in accordance with paragraph 2. 4. In accordance with paragraph 1, BNB shall transfer to the ECB an amount of US dollars in the form of cash that is equivalent to the amount of euro laid down in the table in paragraph 1. 5. The transfer of the amount of US dollars in the form of cash that is equivalent to the amount of euro laid down in the table in paragraph 1 shall take place to such accounts as are specified by the ECB. The settlement date for the amount of US dollars in the form of cash to be transferred to the ECB shall be 2 January 2026. BNB shall give instructions to execute such transfer to the ECB. 6. The value of the gold which BNB transfers to the ECB in accordance with paragraph 1 shall be as close as possible to, but no more than, EUR 222 377 198,22. 7. BNB shall transfer the gold referred to in paragraph 1 in uninvested form to such accounts and such locations as are specified by the ECB. The settlement date for the gold to be transferred to the ECB shall be 2 January 2026. BNB shall give instructions to execute such transfer to the ECB. 8. If BNB transfers gold to the ECB with a value of less than the amount specified in paragraph 1, then on 2 January 2026 it shall transfer an amount of US dollars in the form of cash equivalent to the shortfall to an ECB account as specified by the ECB. Any such US dollars in the form of cash shall not form part of the foreign reserve assets which BNB transfers to the ECB in accordance with paragraph 4. 9. The difference, if any, between the aggregate euro-equivalent amount mentioned in paragraph 1 and the amount mentioned in Article 4(1) shall be settled in accordance with the Agreement of 31 December 2025 between Българска народна банка (Bulgarian National Bank) and the European Central Bank regarding the claim credited to Българска народна банка (Bulgarian National Bank) by the European Central Bank under Article 30.3 of the Statute of the European System of Central Banks and of the European Central Bank ( 11 ) .