In the draft budget of Russia has determined the cost of purchase of precious metals

MOSCOW, 24 Oct. The volume of allocated budgetary funds for the purchase of precious metals and stones to the State Fund of precious metals and precious stones of the Russian Federation will remain at the previously approved level and will make 11,962 billion rubles, according to the draft Federal budget for 2016, published on the Duma website.

“A priority in 2016 is to purchase precious metals in order to replenish their reserves in the state Fund of Russia. Payments for the purchase of state reserves of precious metals and precious stones in 2016 will remain at the approved Law No. 384-FZ level”, — stated in the explanatory note to the draft budget.

The amount of proceeds from the sale of state reserves of precious metals and precious stones in the domestic market in 2016, according to the submitted documents will be reduced by 2,578 billion rubles compared to the previously approved amount and amount to 4,522 billion.

“The decrease in sales volumes of precious stones from state Fund of Russia is caused by the negative situation on the world market of precious stones and low solvent demand for rough diamonds due to a sharp increase of US dollar rate to the Russian ruble and growth of interest rates on credits”, — stated in the explanatory Memorandum.