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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (37393)	7/20/1999 8:54:00 AM
From: lorne	Read Replies (1) \| Respond to of 117063

Direct gold buying by Russian central bank delayed MOSCOW, July 19 (Reuters) - Russia's central bank has failed to win the right to buy gold direct from producers, as President Boris Yeltsin has rejected a bill to that effect, saying the text needed more work, the Kremlin press service said on Monday. "The present version of the bill does not correspond to the purpose of its adoption," it said in a statement. It said the bill should contain a precise formula that the bank can buy not just "precious metals", but "refined gold in ingots" to replenish gold and currency reserves. The parliament, which is presently in recess, will not be able to start working on the bill before autumn. Under current legislation, the central bank has the right to buy gold from government bodies like the state precious metals reserve Gokhran, part of the finance ministry, or from commercial banks. This effectively means the central bank can already buy gold indirectly from producers, by doing it through commercial banks which it controls or owns. In June it offered loans repayable with gold supplies to miners of the metal through Vneshtorgbank, one of three commercial banks owned by the central bank. moneynet.com@NEWS-P2&Index=8&HeadlineURL=../CategoryNews/CategoryNews.asp&DISABLE_FORM=&NAVSVC=News\Category