N e w s

Russian commercial banks will increase gold export by 13,6%, up to 125 tons, compared to 110 tons in 2001. This estimation was drawn by Sergey Kashuba, the Head of Committee on Precious Metals of the Association of Russian Banks. According to representative of the Association of Russian Banks, taking into account predicted level of annual 175 tons of gold manufacture 2002, commercial banks intend to buy out 125 tons. The purchase of GOKRAN, Russian State Depositary for Precious Metals and Gemstones will be 25 - 30 tons, and 20-22 tons will be consumed by the jewellery industry.

According to Mr. Kashuba, banks have realised that the future of Russian gold industry lies within mining companies, requiring long-term credits. This is why many banks began to offer credits fir three years and over. Sberbank of Russia and VneshTorgBank are offering credit services for five years and over. Mr. Kashuba believes that the growth of the rate of gold manufacture was influenced by the removal 5% export duty on gold, as well worldwide growing prices, from $280 per ounce in the beginning of the year up to $320.