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. Last Updated: 07/27/2016

Gold Market Reform to Be Accelerated

Work on the legal base for the liberalization of the Russian market for precious metals and stones will be sped up considerably, a government commission chaired by First Deputy Prime Minister Anatoly Chubais said Tuesday.

The government is to wrap up work on a number of documents in January, including a resolution on the procedure for liberalizing exports of precious metals and regulations for dealing in precious metals.

At the commission meeting, Sergei Alexashenko, deputy chairman of the Central Bank, said quick liberalization of the gold market is especially important. More and more world banks are refusing to keep gold as a reserve, he said.

Alexashenko said Russia currently produces between 125 tons and 130 tons of gold a year, while domestic demand is only 25 tons.

To support Russia's gold-mining industry it is necessary to "create demand for gold on the domestic market, giving both the population and industry the opportunity to buy it," he said.