You're reading: NBU sells investment coins worth over Hr 27.5 million

The National Bank of Ukraine (NBU) since the start of 2012 has sold 9,800 Ukrainian investment coins worth over Hr 27.5 million, Deputy NBU Governor Vira Rychakivska said at a presentation of new golden investment coins on August 10, 2012.

During the presentation the official said that there is a big
interest of the market in such products. She reminded that declared
demand of banks on investment coins for 2013 came to 31,000 coins.

She also said that some commercial banks considerably increase the
prices during the re-sale of the coins, which pushed the NBU to an idea
to revise the rules of their sale: the central bank plans that the
changes to the rules will boost sales of coins.

“We plan to resume such sales to issue the coins on consignment – on the fee basis,” she said.

Rychakivska said that the fee will be set by the NBU to support the acceptable retail price.

She added that it is planned to more actively attract territorial
departments of the NBU to the sale of coins: draft amendments to the
present rules has been drawn up.

As for golden coins Archistrategos Mykhailo with the new face values
of Hr 2 and Hr 10 (15.55 grams or 1/2 of ounce and 3.11 grams or 1/10
of ounce respectively), their issue completed the face value set of
investment coins, she said.

Commenting on the NBU’s price of the investment coins, she said that
the price of gold includes the cost of metal plus 5-8% depending on the
mass. The NBU buys back the coins with only 1% discount.

She said that the central bank sees promising future of the
instrument in the issue of absorbing of monetary aggregates and
increasing the quality of public savings.

She said that in January-June 2012 the NBU bought 1.9 tonnes of gold,
while in 2011 some 1.5 tonnes of gold were bought. In H1, 2012, the NBU
sold coin, including those made of precious metals, worth Hr 55.6
million.