Montenegrin gold is released on April 11, 2017
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Montenegrin gold is released on April 11, 2017
From the Ministry of Finance, for the newspaper Pobeda reported that Montenegrin gold reserves of 38,477 ounces, which were pledged for a loan in Switzerland, are released on April 11, 2017. According to the latest data, the price of gold, which has been declining for three weeks, reached $ 1,088 on Monday. Thus, Montenegrin gold reserves corresponded to 42 million dollars on Monday. Gold is in the Swiss bank Kredit Svis as collateral for a loan of 150 million euros.
From the Ministry of Finance reported that the last installment for a loan, amounting to 30 million euros, will be paid on April 11, 2017. And, after the last installment is paid, gold will return to Montenegro. Whether gold will be reinstalled or used somehow, at the moment there is no information, and everything will depend on the situation on the market. Thus, the state policy will decide whether gold will be pledged or will be a deposit, in accordance with the financial and economic situation at that time.
There is an opinion that Montenegro does not need a gold reserve, and it is sufficient to develop money management tools, etc. From the Ministry of Finance, in this regard, it is reported that in the previous several years the country was able to provide access to foreign and domestic markets through bonds, bills, through credit agreements. The Ministry draws attention to the fact that the domestic market is not yet sufficiently developed, therefore it entails certain risks.
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Source: cdm.me
Photo: google illustration
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