Bank of Russia to buy gold from State Depository
Published on: November 18, 2009 at 14:45
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In a statement issued here, the central bank said, "In certain conditions, we will be ready to buy everything the State Depository offers for sale”.
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The Central Bank's statement to buy up gold comes amid increasing international assets held by the country's top bank, which grew 5.1% in October to $434 billion.
Russia's Finance Ministry is currently considering selling gold from the State Depositary to channel funds into bridging the budget deficit.
The amount of gold to be put up for sale could reach 25 metric tons. Prices for gold are remaining at record high levels on global markets.
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The government is said to be considering a regulation which would make it mandatory for all oil companies to sell diesel with 20% blend of bio-diesel for retail market by the year 2017. But looking at the pace of development on the R&D and investment front, only a marginal part of the fixed percentage seems to be achievable. The blame goes to sluggish approach of the government to attract required investments for projects. 
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