- Write by:
-
Saturday, April 11, 2020 - 11:54:53 AM
-
1376 Visit
-
Print
Mining News Pro - Russia’s central bank is considering how to help the country’s commercial banks with gold storage after complications with bullion exports because of the coronavirus crisis.
According to Mining News Pro - Gold exports from the world’s third-largest producer behind China and Australia have been hit by the grounding of passenger flights while domestic demand has been curbed by the central bank’s decision at the start of the month to suspend its gold purchases from banks, a banking lobby group said this week.
“There are difficulties,” the central bank’s governor, Elvira Nabiullina, acknowledged in an online briefing on Friday.
“Banks tell us that it is harder to export gold because of transportation and logistics problems. We are now working with the banks (on the issue), including an opportunity to use vaults,” she said without elaborating.
Some Russian banks hope to have a meeting with the central bank on the gold exports issue next week, two banking sources told Reuters.
The central bank had 73.6 million troy ounces of gold with a value of $120 billion in its reserves as of March 1.
It remains unclear when the central bank would resume gold purchases and why it stopped them. The move had nothing to do with the foreign currency sales – the reason some analysts suggested previously – as the central bank buys gold for roubles, Nabiullina told the briefing.
Russian banks normally buy gold from miners for export or for sale to the central bank.
Russia produced 10.1 million ounces (314 tonnes) of refined gold in 2019, of which 5.1 million ounces were bought by the central bank and 3.7 million ounces were exported.
Short Link:
https://www.miningnews.ir/En/News/513321
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
The London Metal Exchange is imposing new rules surrounding the movement of metal in its warehousing network, taking aim ...
Canada has granted Airbus a waiver to allow it to use Russian titanium in its manufacturing after becoming the first ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
No comments have been posted yet ...