Tashkent, Uzbekistan — Uzbekistan proposes to allow the population to buy gold bars as investments.
The Central Bank of Uzbekistan published for discussion the draft law “On Precious Metals and Precious Stones”.
The document says that gold bars may be used (purchased) by individuals and legal entities, including non-residents of the Republic of Uzbekistan, as investments.
In order to ensure the turnover of ingots can be used anonymous metal accounts, opened by commercial banks for individuals and legal entities, in accordance with the law, the draft law noted.
When making transactions with investment ingots payment is made in soums, using the prices prevailing in the international market at the time of the transaction.
The draft law states that in order to stimulate development of mining and production of precious metals, extraction of precious stones by decision of the Cabinet of Ministers of the Republic of Uzbekistan, government securities nominated for the mass of precious metals may be issued.
“The terms and procedure for issue of government securities nominated on the mass of precious metals is approved by the Cabinet of Ministers of the Republic of Uzbekistan,” the document says.
This article provided by NewsEdge.