Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

The document ceased to be valid since July 9, 2017 according to Item 2 of the Resolution of Board of National Bank of the Republic of Belarus of June 23, 2017 No. 248

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of February 16, 2012 No. 60

About approval of the Instruction for price fixation on precious metals in case of banking operations

(as amended on 06-04-2016)

Based on the paragraph of the twelfth of article 10 of the Law of the Republic of Belarus of June 21, 2002 "About precious metals and gemstones", the paragraph of the thirty first of Article 26 and part one of article 39 of the Bank code of the Republic of Belarus, subitem 2.1 of Item 2 of the Presidential decree of the Republic of Belarus of February 25, 2011 "About some questions of price regulation (rates) in the Republic of Belarus" the Board of National Bank of the Republic of Belarus DECIDES: No. 72

1. Approve the enclosed Instruction for price fixation on precious metals in case of banking operations.

3. This resolution becomes effective since July 1, 2012.

First Deputy Chairman of the board

N. V. Luzgin

Approved by the Resolution of Board of National Bank of the Republic of Belarus of February 16, 2012 No. 60

The instruction for price fixation on precious metals in case of banking operations

1. This Instruction determines procedure for price fixation on precious metals when implementing of banking activities by banks with precious metals.

The prices of precious metals are established by banks independently taking into account requirements of this Instruction.

2. For the purposes of this Instruction terms are used in the following values:

banks – the banks, the non-bank credit and financial organizations created according to the legislation of the Republic of Belarus and having

the right to banking operations with precious metals;

non-cash precious metals – the precious metals in the form of bank ingots placed and considered on the depersonalized metal accounts, correspondent metal accounts or deposit metal accounts;

precious metals – gold, silver, platinum, palladium in the form of bank ingots, measuring ingots and coins;

weight in purity – the mass of chemically net precious metal in alloy;

weight in ligature – the actual lump of alloy of precious metal taking into account all components;

coins – the coins from precious metals which are in circulation and being legal means of payment of foreign states;

cash precious metals – bank ingots or measuring ingots with certain individual signs;

the derivative tool – the agreement for which the following conditions are at the same time satisfied:

its cost changes as a result of change in value of precious metals;

its acquisition does not require initial investments or insignificant initial investments are required;

calculations for it are perfromed in the future;

fixing – the balanced price of one troy ounce of gold, silver, platinum, palladium on which all requests of buyers and sellers of such precious metals, developing when tendering by participants of fixing of the London association of participants of the market of precious metals concerning gold and silver or participants of fixing of association of the London market of platinum and palladium concerning platinum and palladium according to rules of the specified associations are satisfied.

For the purposes of this Instruction the terms "bank ingots" and "measuring ingots" have the values determined by article 1 of the Law of the Republic of Belarus of June 21, 2002 "About precious metals and gemstones" (The national register of legal acts of the Republic of Belarus, 2002, No. 73, 2/859; National legal Internet portal of the Republic of Belarus, 19.12. 2013, 2/2091), the terms "deposit metal account", "correspondent metal account", "the depersonalized metal account" – the values determined by the Instruction about procedure for opening and account management in precious metals approved by the resolution of Board of National Bank of the Republic of Belarus of April 4, 2006 No. 57 (The national register of legal acts of the Republic of Belarus, 2006, No. 70, 8/14306).

3. The book prices established by National Bank of the Republic of Belarus (further - National Bank), are used by banks in case of price fixation on precious metals in case of banking operations according to requirements of this Instruction.

4. Calculation and establishment of book prices on precious metals is made by National Bank daily on the working days at 14:00 on the Minsk time:

for gold - for one gram of precious metal in purity;

for silver, platinum, palladium - for one gram of precious metal in ligature.

5. Calculation of the book price (BP) is made on formula

Формула 1 к Пост. Правл. НБ от 16.02.2012 №60

where F - the last value of fixing established at the time of establishment of book prices on precious metals on precious metals;

OK - the official rate of Belarusian ruble to US dollar established by National Bank for the day following behind day of establishment of book prices;

k - conversion factor of troy ounces in grams, equal 31,103 480 7.

Calculation is made without intermediate roundings using rules of mathematical rounding of final value to within two signs after comma.

6. Book prices are published on the official site of National Bank in the global computer Internet.

7. Book prices are applied from the date of, their establishment following behind day, and are effective about day of entry into force of their new values.

8. Precious metals in the form of bank ingots are revaluated by banks on the book prices established by National Bank in process of change of book prices.

9. In case of banking operations of purchase and sale of cash and non-cash precious metals banks establish the prices in Belarusian rubles and (or) foreign currency.

10. The prices of purchase and sale of cash and non-cash precious metals established by banks in case of banking operations in the form of the bank ingots including used as underlying asset of derivative tools shall be ranging from minus 50 to plus 50 percent from the corresponding book price operating in day of establishment by bank of the prices of precious metals in the form of bank ingots (its equivalent in foreign currency calculated proceeding from the official rate of the Belarusian ruble to the corresponding foreign currency established by National Bank and operating in day of establishment by banks of the prices of precious metals in the form of bank ingots).

11. No. 343 is excluded according to the Resolution of Board of National Bank of the Republic of Belarus of 03.06.2015

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.