Credit institutions banned from opening gold accounts
The SBV requested credit organisations not to turn gold deposits into currency
Credit institutions are only allowed to lend to customers who wish to buy gold upon the approval of the governor of SBV, which would generally be reserved to loans for jewelers.
The SBV also requested credit organisations not to turn gold deposits into currency or use gold deposits as collateral for loans from other credit institutions.
Under SBV regulations, customers must pay fees to credit institutions that keep their assets, including gold, but the fees must be fully disclosed.
The SBV's move is aimed at slowing down gold deposits and curbing the practice of commercial banks liquidising gold deposits for lending or for use as collateral for inter-bank loans.
Today (March 28), the first gold bar auction will be held by the SBV in a bid to stabilise gold prices.
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