Ministry drafts bill on National Wealth Fund investment in gold

MOSCOW, Mar 29 (PRIME) -- The Finance Ministry has prepared a bill on investment of money from Russia’s National Wealth Fund into gold, according to the document published late on March 26 on the website for disclosure of legal acts.

President Vladimir Putin signed a federal law in late 2020 that allows the government to use the National Wealth Fund money to buy precious metals. The Finance Ministry’s bill created legal conditions for investment in gold, a traditional defensive asset. It accounts for a significant part of the central bank’s foreign exchange reserves.

The Finance Ministry will buy gold at a price set by the central bank, which will equal the spot price for gold on the London Metals Exchange recalculated in rubles at the regulator’s exchange rate on the date of the deal.

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