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. Last Updated: 07/27/2016

Government Says It Will Sell Gold

The government plans to sell 25 tons of gold from the state precious metals and gems repository, Gokhran, possibly on the local market, Interfax quoted a Finance Ministry official as saying Thursday.

“Maybe we will not sell abroad, but how can we refrain from selling altogether, when there is a presidential decree and a sales plan approved by the government?” said Alexander Akhpolov, head of the ministry’s administrative department. “We plan to sell … some 25 tons.” Akhpolov could not be reached for comment.

The government’s agent for precious metals and gems Almazjuvelirexport said Tuesday that the government had postponed its plans to sell up to 50 tons of gold this year, after information about the sales leaked.

Under a government order signed at the start of the year, Gokhran is allowed to sell precious metals worth 44.4 billion rubles ($1.52 billion) in 2009.