Rus News Journal

The bank of Russia gets rid of silver

In the near future Bank of Russia the first year pyljatsja in its storehouses can get rid of multiton stocks of silver, which any more. As it became known, the Central Bank prepares the document which will allow it to exchange this malolikvidnyj in Russia metal for bank gold. As a result the Bank of Russia will fill up gold and exchange currency reserves, without resorting to the press, and banks will receive the new financial tool.

as it became known, the Bank of Russia prepares the position project about introduction svopovyh (exchange) operations with precious metals. The essence of such operations consists in a mutual exchange of actives for improvement of their structure. The Central Bank can change, for example, gold from the stocks for bank platinum, a palladium or silver, and on the contrary.
Technically it will look as follows. The parity between the prices of metals is fixed under the arrangement. For example, today the prices for gold and silver correspond in a proportion 1:66. It means that recalculation factor will establish where - that at level 68 - Sergey Zajchenko considers the deputy chief of exchequer VTB. That is the gold ton will be considered to equivalent 68 tons of silver.
according to bankers, introduction metal swaps first of all will allow the Central Bank to get rid of multiton stocks of silver. Having exchanged it for bank gold, the Bank of Russia will fill up gold and exchange currency reserves, without resorting to issue. Not a secret that recently banks prefer not to sell Central Bank precious metals, and duty-free to export them through the countries of the Customs union. By Central Bank estimations, only in May of this year banks have taken out through Belarus of 98,5 % from total amount of export of gold and 100 % of silver.
in the Central Bank official comments refuse, referring that the position project is in the most initial stage of preparation. However in an informal conversation employees of the Central Bank the version that the Bank of Russia intends to get rid of silver, have rejected vigorously. on fluctuations of the world prices for silver it is possible to earn sometimes better, than on gold. And the Bank of Russia does it. But for us it is a drop in the sea even if it is a question of great volumes of silver. Another matter - banks - has declared a source in the Central Bank.
some of commercial banks and really have already strongly located in this niche precious the market. So, the largest operator in the market of silver NOMOS - the bank from the beginning of year has bought already about 90 tons of this metal from which 50 tons have gone for export. Banks recognise that a cost of transportation on silver transportation abroad on 2 - 2,5 % above in comparison with more expensive gold. However at great volumes of export parties and with introduction new svopovyh operations banks - exporters can increase the margin - they should not incur expenses on sale of one metal and purchase of another.
however, bankers while are careful in estimations. the innovation, undoubtedly, will raise liquidity of precious metals, especially platinum and a palladium. However all will depend on system of pricing which will offer the Central Bank, and how the state in the market platinoidov " will lead; - the head of department of precious metals IBG " has declared; NIKojl Pavel Horoshev.