Financial markets | Bank of Russia

In connection with the entry into force of the Bank of Russia’s Instruction dated 28 May 2003, No.  1283-U “On the procedure for setting accounting prices for refined precious metals”, from july 7 2003, the Bank of Russia introduced the following procedure for setting accounting prices for refined precious metals (gold, silver, platinum and palladium).

The Bank of Russia calculates accounting prices every working day on the basis of the fixing values for gold, silver, platinum and palladium on the London cash metal market;london spot cash metal market, and are converted into rubles at the official exchange rate of the US dollar to the Russian ruble effective on the day following the day of setting the accounting prices.

The accounting prices shall be applied for accounting purposes in credit organizations starting from the calendar day following the day of their establishment and shall be valid until the new values of accounting prices come into force.

The Order of the Bank of Russia dated 28 May 2003 № 1284-U “On invalidation of certain regulatory acts of the Bank of Russia” abolished the effect of the Order of the Bank of Russia dated 30 September 1999 № 652-U “On the procedure for calculation of quotations for purchase and sale of refined precious metals by the Bank of Russia on transactions with credit organizations” (as amended and supplemented), which determined the procedure for setting prices for transactions of purchase and sale of precious metals by the Bank of Russia on the domestic market.

Transactions involving the purchase and sale of refined precious metals by the Bank of Russia on the domestic market will be concluded on market conditions at prices that take into account the current situation on the world market and the level of risks of the Bank of Russia associated with fluctuations in world prices for refined precious metals