Clarifications on the gold collected at the Bank of Mongolia have received from P.Sukhbaatar, Head of the Bank Notes and Valuables Department.
-How is the gold collection level at the BoM?
-As of June 17th of 2015 BoM received total of 2.1 tons submitted by 392 entities and 1.1 tons submitted by 446 individuals totaling to 3.2 tons. Compared to the same period of the previous year the implementation of the gold collection is at 90 percent. Main driver for increased submission of the gold is the market price increase.
-How much gold was imported by BoM since the beginning of 2015?
-4.2 tons of gold were exported in order to fill the currency reserves since the beginning of 2015, which equals to USD 14-160 million. Last year at the same period we have exported 1.2 tons of gold. Compared to last year number of entities and individuals submitting gold has incresed. Top season for gold submission is usually August to November.
-How much gold does BoM plan to collect for this year?
-If the submission is at this pace we are planning on receiving 15-20 tons by the end of 2015. In 2014 the number was at 13 tons.
-Did the decrease of the gold taxes from 10 percent to 2.5 percent affected the amount of gold collected?
-During the times when the 68 percent taxes imposed on gold since 2006 the submission of gold dropped significantly to 1-3 tons annually. As the tax system eased since 2012 the situation is getting much better.
-Does 446 individuals mean ninja miners?
-Compared to previous years with only one or two individuals the number has increased. 446 individuals is according to double counting. There are over 100 active individuals currently. This is the positive change and no smuggling registered so far.
-Government is focusing more on support for the gold entities and have approved the soft loans?
-Soft loans are being under research currently. No entity has yet received sofl loan.
-What is the gold rate at the BoM?
-We purchase gold at London Stock Exchange rates. One ounce is at USD 1,171 /Date: June 17th/.
Clarifications on the gold collected at the Bank of Mongolia have received from P.Sukhbaatar, Head of the Bank Notes and Valuables Department.
-How is the gold collection level at the BoM?
-As of June 17th of 2015 BoM received total of 2.1 tons submitted by 392 entities and 1.1 tons submitted by 446 individuals totaling to 3.2 tons. Compared to the same period of the previous year the implementation of the gold collection is at 90 percent. Main driver for increased submission of the gold is the market price increase.
-How much gold was imported by BoM since the beginning of 2015?
-4.2 tons of gold were exported in order to fill the currency reserves since the beginning of 2015, which equals to USD 14-160 million. Last year at the same period we have exported 1.2 tons of gold. Compared to last year number of entities and individuals submitting gold has incresed. Top season for gold submission is usually August to November.
-How much gold does BoM plan to collect for this year?
-If the submission is at this pace we are planning on receiving 15-20 tons by the end of 2015. In 2014 the number was at 13 tons.
-Did the decrease of the gold taxes from 10 percent to 2.5 percent affected the amount of gold collected?
-During the times when the 68 percent taxes imposed on gold since 2006 the submission of gold dropped significantly to 1-3 tons annually. As the tax system eased since 2012 the situation is getting much better.
-Does 446 individuals mean ninja miners?
-Compared to previous years with only one or two individuals the number has increased. 446 individuals is according to double counting. There are over 100 active individuals currently. This is the positive change and no smuggling registered so far.
-Government is focusing more on support for the gold entities and have approved the soft loans?
-Soft loans are being under research currently. No entity has yet received sofl loan.
-What is the gold rate at the BoM?
-We purchase gold at London Stock Exchange rates. One ounce is at USD 1,171 /Date: June 17th/.