Mandatory processing of raw materials containing precious metals discussed

On March 25, the State Committee for Industry, Energy and Subsoil Use of the Kyrgyz Republic addressed the issue of mandatory processing of raw materials containing precious metals in the Kyrgyz Republic.

IBC representatives took part in the meeting.

The discussion was held within the framework of the initiated draft of the Law of the Kyrgyz Republic “On Precious Metals and Precious Stones”. The draft law proposes obtaining the consent of the National Bank of the Kyrgyz Republic when exporting commodities containing precious metals.

Following the meeting, a number of protocol decisions were adopted.

The meeting participants suggested that the National Bank of the Kyrgyz Republic provide a justification for the possibility or impossibility of determining the amount of gold purchased in advance.

IBC was entrusted to study the issue of international quota practices when importing refined gold and submit it to the State Committee for Industry, Energy and Subsoil Use.

It is also necessary to consider the issue of possible duplication of the norms of the draft law, the meeting participants said.

Earlier, the Prime Minister of the Kyrgyz Republic and the Secretariat of the Business Development and Investment Council under the Government of the Kyrgyz Republic instructed the Committee together with the Finance Ministry to finalize the draft law providing standards for the sale of refined precious metals in the Kyrgyz Republic if those precious metals are processed outside the country.