In Russia, they decided to double the production of gold

    Russian authorities want to double gold production. This can be facilitated by the abolition of import VAT in the amount of 20% for precious metals. The corresponding bill is being prepared in the State Duma.

    The authors of the document plan to submit it for consideration by colleagues in June, Izvestia reports.

    Now the country processes about 300 tons of gold annually. Due to the import of raw metal from Central Asia, Latin America and Africa, the figure may increase at least twice.

    Interest in the growth of gold production is partly due to increased demand for it against the backdrop of the global economic crisis. Precious metal is traditionally considered a defensive asset in cases of instability in the financial markets.

    Earlier, wrote that gold reserves in Russian banks have been declining for six consecutive months. In April alone, they decreased by 4.6 tons to 73.4 tons.

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    source: rambler

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