The Kyrgyz State Fund has begun purchasing precious metals on the domestic market

The Precious Metals Department has begun purchasing precious metals from domestic market participants to replenish the State Fund.

Purchases are made from entities operating in the precious metals trade. This new mechanism is being implemented in accordance with the regulations governing the State Reserve and the procedure for selling precious metals to domestic jewelry manufacturers.

The Department notes that the launch of these purchases should strengthen cooperation between the government and market participants and create additional opportunities for the domestic circulation of precious metals. The agency also links the measure to support for domestic manufacturers.

In effect, the government is beginning to establish an additional channel for purchasing precious metals directly on the domestic market, with the metals subsequently being transferred to the State Fund.

However, the announcement does not specify the anticipated purchase volumes, the list of accepted metals, prices, or the mechanism for determining them.