Ayil Bank has been granted the right to sell and purchase physical gold and silver

Ayil Bank has received permission from the National Bank to conduct transactions with precious metals in cash form. The bank will be able to buy and sell physical refined standard and measured ingots from other manufacturers, as well as high-grade gold, silver, and platinum coins.

The relevant decision was made by the Board of the National Bank of the Kyrgyz Republic on December 3. Previously, Ayil Bank had the right to work with precious metals from other issuers only in a depersonalized form, i.e., without transferring physical metal to clients.

Taking into account the updated register of commercial bank licenses as of December 17, Ayil Bank has joined a limited circle of credit institutions that are allowed to conduct cash transactions with physical ingots and coins made of bank metals.

Only a few banks have similar powers in the market, including Kyrgyzkommertsbank, ECB, Bakai Bank, and FKB. For most commercial banks, transactions with precious metals are either significantly restricted or permitted only in non-cash (dematerialized) form.