Armenia to start producing gold bullions

Posted on June. 27. 2019

YEREVAN, ARMENPRESS. The Central Bank of Armenia will soon open a gold affinage factory to produce gold bullions, Central Bank President Artur Javadyan revealed in parliament.

Opposition MP Sergey Bagratyan from the Prosperous Armenia party asked Javadyan about the cenbank’s gold reserves.

“The Central Bank’s gold was sold in 2004, we had 1,6 tons of gold. The selling had a double reason, first the prices grew respectively, as well as a problem existed at that time regarding budget revenues. At that time we weren’t getting almost any interest rates from managing gold. Gold prices are changing greatly in the world. Today, there are more reliable tools than gold. However, we’ve been working for already two years with a reputed Swiss company and we are already finalizing and very soon a gold affinage factory will be opened in Armenia where banking gold bullions will be produced,” Javadyan said.

He said gold producers in Armenia will be enabled to submit gold to the factory and receive banking bullions, or simply sell gold to the plant. He said the cenbank will have the opportunity to buy gold from the market with local currency.

Javadyan hoped that the project will be launched next year.

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