Source: Russian banks raise 2017 gold purchases 4.7% to 205 tns

MOSCOW, Jan 30 (PRIME) – Russian banks increased purchases of gold by 4.7% to 205.155 tonnes in 2017, which accounted for 67% of all produced gold, a source in the Finance Ministry told PRIME on Tuesday.

“Besides, domestic banks signed gold purchase deals for an insignificantly lower amount in 2015, for 201.64 tonnes. The ranking of banks changed insignificantly as well, gold loan mechanisms appeared. This is a good business for banks. They give loans to gold producers who pay with produced gold, which they mainly sell to the central bank,” the official said.

VTB was ranked first with the gold purchases of 63.90 tonnes in 2017, Sberbank followed with 43 tonnes, Gazprombank with 38.1 tonnes, Otkritie Financial Corporation (FC) Bank with 20.40 tonnes and Promsvyazbank with 15.70 tonnes.

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