Translation. Region: Russian Federal
Source: Central Bank of Russia –
An important disclaimer is at the bottom of this article.
In connection with the entry into force of the Bank of Russia Instruction of May 28, 2003 No. 1283-U “On the procedure for establishing by the Bank of Russia official prices for refined precious metals”, from July 7, 2003 the Bank of Russia introduced the following procedure for establishing official prices for refined precious metals (gold, silver, platinum and palladium).
Every working day, the Bank of Russia calculates official prices based on the fixing values for gold, silver, platinum and palladium on the London spot metal market in effect at the time of calculation, and converts them into rubles at the official exchange rate of the US dollar to the Russian ruble in effect on the day following the day the official prices were established.
Book prices are used for accounting purposes in credit organizations.
anizations, starting from the calendar day following the day of their establishment, and are valid until the new values of the accounting prices come into force.
By Bank of Russia Instruction No. 1284-U of 28 May 2003 "On the Recognition of Certain Regulatory Acts of the Bank of Russia as Invalid", the Bank of Russia Instruction No. 652-U of 30 September 1999 "On the Procedure for Calculating Quotations for the Purchase and Sale of Refined Precious Metals by the Bank of Russia in Transactions with Credit Institutions" (with amendments and additions), which determined the procedure for establishing prices for transactions for the purchase and sale of precious metals by the Bank of Russia on the domestic market, was cancelled.
Transactions for the purchase and sale of refined precious metals by the Bank of Russia on the domestic market will be concluded on market terms at prices that take into account the current situation on the world market and the level of risks of the Bank of Russia associated with fluctuations in world prices for refined precious metals.
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