Ukraine’s gold reserves are estimated at more than 36.1 tonnes, according to the national bank, and is ranked 47 in world standings.
In March Ukraine was 51 according to the World Gold Council.
For the second consecutive year Ukraine is trying to diversify
its international reserves and is actively buying gold on both
foreign and domestic markets. However the price is turbulent and
experts argue, whether the Central Bank should join in the rush
or wait until the price settles.
There have been reports Ukraine is going to start gold mining.
Experts estimate Ukraine’s gold resources at 400 tons in the
Carpathian Mountains and 500 tons in the Donbass region. Some
gold is also believed to be in the Crimea and Dnepropetrovsk
regions.
Right now Ukraine has no gold production of its own and buys
around 5 tonnes of gold a year. Domestic production of gold could
start this year, the deputy head of National Bank, Vera
Rychakovskya said. In three to five years Ukraine is expected to
produce at least one ton of gold domestically and gradually
increase capacity which will allow to cut imports by a third.
This article originally appeared on: RT