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. Last Updated: 07/27/2016

Gold Output Rises

MOSCOW -- Gold production last year totaled 130 metric tons, including 90 tons produced with the participation of commercial banks, a Central Bank official said at a conference on the Russian gold industry.

Sergei Kyshtymov, who heads the Central Bank's foreign transactions department, said last year's gold production grew by 6.3 percent compared to 1998, but was still 28 percent below the 1991 level.

Kyshtymov said commercial banks had recently showed far greater interest in precious metals. Currently 154 banks have licenses to perform transactions with precious metals.

For the precious metals market to develop taxes on gold-producing enterprises should be reduced to 25 percent to 30 percent, production sharing agreements should be used more widely, and the legal base should be amended, he said.