Monday, November 16 2015 19:15
Alexandr Avanesov

Arthur Javadyan: Central Bank of Armenia will start building up its own gold reserve from the end of 2016

Arthur Javadyan: Central Bank of Armenia will start building up its  own gold reserve from the end of 2016

ArmInfo.  From the end of 2016 Central Bank of Armenia will start building up its own gold reserve, CBA Chairman Arthur Javadyan told at the National Assembly on November 16. According to him, CBA will create gold reserve jointly with the Swiss Company Technosert.  As Javadyan noted, the company has already completed the project work on the construction of the precious metals refinery.

Within the shortest terms the enterprise will start working and as it is anticipated will produce bank gold from the end of 2016. This will let the enterprises not to export concentrates abroad but to sell them directly to the refinery and receive money or bank gold. "As a result, we will start to restock our gold reserve from the end of the next year", Javadyan noted. 

To recall, CBA and Swiss company Technosert signed an agreement on construction of a precious metals refinery in Armenia.  The main goal will be the production and sale of gold and silver bullions in Armenian and international market. The local raw material of Dore gold will be used. Swiss businessman of Armenian descent Vartan Sirmakes is the Chairman of Technosert Board of Directors and is one of the 300 richest people in Switzerland. 
 
Armenia's Minister of Economy Karen Chshmaritian was saying in the middle of September that the government was holding negotiations on the construction of a refinery. According to him 12-14 tons of gold will be mined in Armenia in 2016-2017 and this is enough for constructing country's own refinery. 
 
To note, the share of bank gold in the Armenia's gross international reserves was zeroed in December 2013.
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