Yugoslavia and the Restitution of Monetary Gold After the Second World War

Abstract

During the Second World War, the Axis states looted a great deal of gold in various forms, both from individuals and countries. Following that war, the western allies established the Tripartite Gold Commission (TGC) to organize the restitution of monetary gold that had belonged to central banks in occupied Europe. One of the claimant countries was Yugoslavia. Drawing upon hitherto unused TGC records, the article examines the looting of Yugoslav monetary gold and its restitution via the TGC, which is a little-known episode in postwar history. Of the four Yugoslav claims submitted to the TGC in 1947, the majority were recognized as valid, yet the final adjudication was not published until 1958. The reasons for this protracted process of restitution and for the rejection of some of the Yugoslav claims are set out and note is made of the issue's recrudescence in the 1990s, when the TGC sought to distribute the final Yugoslav share. The break-up of Yugoslavia made this concluding allocation of gold a demanding task, and it did not end until 2004. By comparing it with other claimant countries, the article demonstrates that in some ways Yugoslavia was in a better position than the states behind the Iron Curtain.