Monaco’s Constitutional Reserve Fund: What is it and how much is it worth?

Constitutional Reserve Fund

As of the end of 2023, the value of Monaco’s ‘nest egg’ Constitutional Reserve Fund exceeded €7 billion for the first time in history. 

The Constitutional Reserve Fund (CRF) was created by the Constitution of 1962. As explained by IMSEE, this ‘nest egg’ is an autonomous accounting entity, with its own assets, and enjoys a special status.  

It is made up of three distinct sets of assets: a gold reserve; liquid assets such as financial investments and bank balances; and illiquid assets, including property in Monaco as well as in neighbouring municipalities and state-owned shares and holdings.  

The CRF has grown exponentially over the last decade, rising from just over €4.5 billion in 2014 to a staggering €7 billion in 2023.  

It grew by an impressive 8.4% between 2022 and 2023 alone, an amount equivalent to more than €500 million. 

The illiquid portion of the fund experienced the largest increase in value in 2023. Around half of this section, roughly €2 billion in value, is composed of buildings, which provide a source of revenue through their rental incomes, while a further €1.7 billion is attributed to the state’s holdings and shares in companies such as Monte-Carlo Société des Bains de Mer and concessionaires including the Société d’Exploitation du Grimaldi Forum, the Société d’Exploitation des Ports de Monaco, the Société Monégasque de l’Electricité et du Gaz and the Société Monégasque des Eaux. 

This section of the fund grew by 11% over the course of last year to amount to more than €4.35 billion. 

The liquid portion of the CRF also increased in value by 3.6% in 2023. By the end of the year, it accounted for over €2.3 billion of the fund’s assets. 

Monaco’s gold reserves now worth €343 million 

The value of Monaco’s gold reserves has been steadily increasing for some time, but experienced a significant 9.9% boost in value during 2023.  

According to Monaco’s Department of the Budget and the Treasury, the Principality’s gold reserves are now worth in excess of €343 million.  

Read related:

Monaco Government launches compulsory GDP survey for all economic actors in the Principality


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