MarketsThe Ministry of Finance allowed the introduction of a...

The Ministry of Finance allowed the introduction of a limit on the export of gold from Russia

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The Ministry of Finance (MinFin) does not intend to ban the transactions of buying and selling precious metals in the domestic market, although it allows the introduction of a limit on the export of gold from the country “in the future”. TASS reports about it based on the press service of the department.

“In the future, restrictions may affect only the export of precious metals by individuals, if its volume exceeds the permissible limit,” the Ministry of Finance said.

At the same time, the freezing of transactions with precious metals in the domestic market of Russia is currently “not considered”, the ministry said.

“There is no talk of limiting or freezing gold buying and selling operations – neither for individuals nor for legal entities. The Ministry of Finance of Russia, on the contrary, is trying to develop the market of precious metals and to make gold a full-fledged market investment product,” the Ministry’s press service wrote.

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On March 2, Russian Finance Minister Anton Siluanov advised Russians to invest in gold instead of US dollars. According to him, the world reserve currency is more volatile and cannot compete with precious metals.

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Source: rambler

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James
James
I’m a news writer for 24 Happenings, an online magazine that caters to people who want to know about things that are happening in the world. I grew up in the Midwest and have always been interested in writing. After trying out a few different styles of writing, I landed on my current genre – investigative journalism. When I’m not working on my next project or following my favorite team, I like to spend time with family or go for walks around my neighborhood.

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