Russian banks soon able to buy gold bars - Nemtsov
VLADIVOSTOK, Russia, June 11 (Reuter) - The Russian government is working on plans to allow commercial banks with the correct licences to buy gold bars, First Deputy Prime Minister Boris Nemtsov said on Wednesday.
He said the document relating to this issue would be signed in the the next few days. Nemtsov was speaking during a whirlwind trip to Russia's Far East, where a long-running energy crisis continues.
``This measure alone would be enough to help the gold mining industry out of a crisis,'' he said.
Nemtsov said Russia produced 113 tonnes of gold in 1996, and that output this year was expected to fall by several tonnes.
Gold output estimates in Russia vary widely. The head of the central bank's precious metals department, Sergei Kyshtymov, said last week that production in 1997 was likely to be no more than 100 tonnes, down 11 to 12 percent from 1996 levels.
Anatoly Chubais, Russia's other First Deputy Prime Minister, was quoted by Itar-Tass news agency on Tuesday as saying a presidential decree allowing the liberalisation of the gold market would be signed soon.
Plans to liberalise the heavily-centralised gold market were first announced by Chubais in April, and are expected to include a greater role for commercial banks in gold financing, purchasing and even exporting.
Proposals also include allowing individuals to buy gold directly from producers.
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