Russian central bank sees no need to restart gold buying
MOSCOW – Russia's central bank sees no current need to restart purchases of gold for its reserves, it said in a letter to an association of Russian banks, a copy of which was seen by Reuters on Wednesday.
The association previously asked the central bank to resume buying gold as, it said, exports of the precious metal were hobbled by the coronavirus outbreak that has grounded passenger flights used to transport the metal.
The central bank suspended gold buying for its reserves on April 1, when it held 73.9-million troy ounces of gold with a value of $120-billion.
"The central bank does not see it expedient at the current time to resume regular purchases of gold in the domestic market," it said in the letter to the National Finance Association, the non-government lobby group of Russian banks.
The central bank confirmed the authenticity of the letter to Reuters.
The central bank also said there was no need for it to start accepting gold pledged as collateral for the refinancing of banks' debt or organising gold swap deals.
It added it would continue to monitor the situation in both the global gold market and the banking sector.
Last week Russia, the world's third largest gold producer after China and Australia, agreed to start providing full export rights for miners to export gold, instead of one-off rights, to support them in shipping metal overseas independently.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
