Fin Min wants to establish Moscow precious metal standard

MOSCOW, Jul 28 (PRIME) -- The Finance Ministry has suggested establishing a new global standard for the precious metals market, the Moscow World Standard (MWS) as an alternative to the London Bullion Market Association (LBMA), the ministry said in a statement on Thursday.

"In order to normalize operations of the precious metal industry, it is crucial to create an independent international infrastructure, an alternative to the LBMA in its functions," the statement read.

The ministry suggested setting up an international precious metal exchange with the headquarters in Moscow and to create a price fixing committee with representatives from the central banks of the Eurasian Economic Union states and their largest banks operating on the market.

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