Russian banks increase 2013 gold purchases 8.3% to 181 tonnes - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Russian banks increase 2013 gold purchases 8.3% to 181 tonnes

«олото02MOSCOW, Dec 31 (PRIME) Ц Russian banks bought 181.4 tonnes, or 5.834 million ounces of gold in 2013, which is 8.3% more than in 2012, a Finance Ministry source told PRIME on Tuesday.

УGold still protects investors from currency risks and is the core of currency reserves of each country given the current economic instability,Ф the source said.

УFor banks, this is good business -- they give credits to mineral developers which repay the banks with the gold they mine. The bulk of gold is later bought by the central bank to replenish its gold and hard currency reserves.Ф

The Russian Gold Union says the countryТs gold mining will increase 4.7% to 205 tonnes in 2013, while the overall production of the yellow metal will increase to 240 tonnes.

RussiaТs monetary gold reserves increased by 56 tonnes to 1,014 tonnes as of December 1.

Sberbank bought 48.5 tonnes of gold, more than any other bank in 2013. VTB bought 38.9 tonnes, Gazprombank 29.1 tonnes, Nomos bank 19.6 tonnes, Lanta bank 8.6 tonnes, Asian-Pacific Bank 6.7 tonnes, Baikalinvestbank 6.5 tonnes, Promsvyazbank 4.8 tonnes, Uralsib 3 tonnes and FIA-Bank 1.9 tonnes.

End

31.12.2013 15:15
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 72.1111 +0.3961 26 apr
USD 64.6794 +0.6996 26 apr
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1247.13 -1.33 16:47 25 apr
micex 2567.82 -0.44 16:47 25 apr
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 159.58 -0.62 16:31 25 apr
lkoh 5705.50 -0.95 16:31 25 apr
rosn 435.80 -1.25 16:31 25 apr
sber 230.00 -2.54 16:31 25 apr
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 72.1300 +1.0310 15:13 25 apr
USDTD 64.3525 +0.6825 23:17 25 apr