15 Mar 2022 12:49

Russian Central Bank suspends purchasing gold from banks in order to meet population's demand for it

MOSCOW. March 15 (Interfax) - The Central Bank of Russia (CBR) as of March 15, 2022, has suspended purchasing gold from credit institutions in order to create conditions to meet demand of the population, the regulator said in a statement.

"Demand on the part of the population for purchasing physical gold bullion has currently increased owing particularly to the removal of VAT on these transactions," the CBR noted.

The CBR resumed purchasing gold on the domestic precious-metals market on February 28, 2022, nearly two years after having suspended the operations on April 1, 2020.

The CBR has been purchasing gold since 2014, and has been a leader among global central banks in terms of purchases.