Credit institutions will be allowed to issue short-term gold certificates to pay customers only when their current gold reserves are not sufficient. Gold certificates will no longer be issued as of November 25, 2012.
The SBV’s regulation stipulates that credit institutions must report to the central bank and state their reasons for issuing gold certificates.
Credit institutions have also been ordered to cut yields on short-term gold certificates to reduce the volume of mobilised gold.
The SBV added that these regulations will be taken into account when licensing credit institutions to trade gold bars.