MOSCOW, Feb 3 (Reuters) – Russians purchased an all-time report variety of gold bars in 2022, finance ministry information confirmed on Friday, as tax cuts on treasured metals inspired folks to replenish on bullion as a secure asset.
Moscow scrapped its 20% VAT on bodily gold trades for people final March in a bid to attract folks away from utilizing the U.S. greenback as a secure haven.
It additionally exempted folks from paying earnings tax on earnings gained from promoting gold bars, additional boosting demand for the metallic.
Based on the information, Russians purchased over 50 tonnes of gold bars in 2022, ten occasions greater than the yr earlier than. Probably the most wanted had been 1 kilogram bars which accounted for about 60% of these bought.
The figures will not be but closing and solely cowl the interval ending November 2022, the finance ministry instructed Reuters.
State-controlled VTB Financial institution (VTBR.MM) mentioned it bought 33.8 tonnes of gold bars to prospects in 2022, with purchasers holding 50 billion roubles ($711 million) value of the metallic.
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“Gold was an excellent protecting monetary resolution final yr,” mentioned Yevgeny Beresnev from VTB’s funding merchandise division.
“Clients shifted funds into this instrument in an effort to diversify their belongings and make a revenue when long-term planning.”
($1 = 70.30 roubles)
Reporting by Darya Korsunskaya and Elena Fabrichnaya; Writing by Caleb Davis; Enhancing by Christina Fincher
Our Requirements: The Thomson Reuters Belief Ideas.
