Kyrgyzstan plans to release gold certificates

Almaty. March 26. Silkroadnews - Kyrgyzstan plans to release gold certificates to float on the stock exchange, transfers KyrTAG referring to the chairman of public service regulation and supervision of financial market under the Government of the Kyrgyz Republic Sanjar Mukanbetov.
"At this time, State financial supervision has prepared draft issue, circulation and redemption of gold certificates, which aims to harmonize with the Ministry of Finance, "Kyrgyzaltyn" and the National Bank", - said S. Mukanbetov.
According to him, at the moment when the monetary currency is unstable, there is a general search for stability in financial markets.
"The introduction of gold certificates allows stable keeping of savings. Kyrgyzstan, as a producer of gold, could sell gold on our stock exchange for our citizens", - he added.
He noted that Kyrgyzstan needs to form an organized gold market.
"About 97% of the produced gold in Kyrgyzstan, is exported abroad. Creating a gold certificate will develop the gold market, covering production, consumption and circulation within the country. We wll have a new attractive way to sell gold in the domestic market, the costs of which will be lower than the existing. Commercial banks will be able to borrow in gold on world financial markets and lending against gold",- said S. Mukanbetov.