The Ministry of Finance predicts a 10-fold increase in demand for gold From Investing.com

Investing.com — Russian Deputy Finance Minister Alexei Moiseev announced an expected increase in demand for investment gold in Russia by 8-10 times by the end of 2022, RBC writes.

the figure is somewhat late, we expect growth by the end of the year by about 8-10 times, — he said.

Moiseev also stressed that demand is “shifting towards 100 gram bars”, which is forcing factories to reorganize production to smaller bars to meet this demand.

According to Moiseev, initially high demand for kilogram bars was due to the adoption of a law on the abolition of value added tax on the purchase of gold bars for individuals.

In March, Russian President Vladimir Putin signed a law that allows banks to sell precious metals in bars to individuals. persons with withdrawal from bank vaults without paying VAT. In July, a law was passed exempting individuals from the sale of gold bullion from personal income tax for 2022 and 2023.

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Text prepared by Timur Aliev

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