N e w s

After the introduction of a 5% export duty for gold, Russian banks stopped its export, as it was informed by Natalya Raevskaya, the Chairman of Avtobank at the press-conference.

The program of advanced payments in gold-mining and sale of gold abroad, which was supposed to make provision for the export volume not less than 20 tones, was completely fullfiled. Before the introduction of a 5% export duty, Avtobank exported about 300 kg of gold, after the duty introduction, bank was working only in the internal market, selling gold to the Central Bank and running operations in the interbank market. According to Ms. Raevskaya, the introduction of a 5% duty made the export of gold absolutely unattractive for all Russian banks.

Source: RBK