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. Last Updated: 07/27/2016

Parliament Passes Bill on Gold Sales

The State Duma, the lower house of parliament, passed a bill Wednesday permitting the Central Bank to buy gold directly from producers to replenish the country's gold and currency reserves.

Under current legislation, the Central Bank can only buy gold from government bodies, like state precious metals and gems reserve Gokhran, part of the Finance Ministry, or from commercial banks.

Last year the Central Bank refused to accept a Gokhran proposal under which the bank would buy gold-backed certificates from Gokhran, with the money to be used to pre-finance production of the precious metal.

Earlier this year the Central Bank said it planned to buy up to 90 tons of gold of the some 100 tons that is expected to be produced in Russia this year.

To become effective, the bill still has to be approved by the Federation Council, parliament's upper house, and then be signed into law by the president.