The National Bank of Ukraine is taking steps to popularize a new investment instrument – the bullion coins of Ukraine.
Today, 34 authorized banks and regional branches of the National Bank of Ukraine are engaged in selling and repurchasing bullion coins.
"All the regional branches of the National Bank of Ukraine repurchase bullion coins at the price of precious metals. Therefore, an individual does not incur any losses,” said Ms. Vira Rychakivska, Deputy Governor of the National Bank of Ukraine, when providing a strong argument in favor of investing in bullion coins.
On 3 December 2012, the Board of the National Bank of Ukraine approved Resolution No. 501 “On Amendments to the Regulation on the Procedure for Calculating and Setting Prices for Banking and Precious Metals” amending purchase price-setting practices with regard to bullion coins”.
Henceforth, purchase prices for bullion coins are calculated based on the official (discount) rates for banking metals set by the National Bank of Ukraine on the day when the prices are calculated, taking account of the weight of a bullion coin, and increased to include the face value of a bullion coin. As a result, the price at which individuals could sell bullion coins at the regional branches of the National Bank of Ukraine has reached its peak.
Ms. Vira Rychakivska, Deputy Governor of the National Bank of Ukraine, said that as of 1 December 2012 the National Bank of Ukraine had sold 15.5 thousand bullion coins worth UAH 46 million.
“So, we can see that our bullion coins are in great demand among the general public and next year we intend to maintain that pace of sales growth and focus on promotion of our new investment instrument,” noted Ms. Vira Rychakivska.
The bullion coins of Ukraine have proved to be a reliable store of value and a good alternative for saving funds in the foreign currency as precious metals have real value and prices for precious metals are bound to increase in the future.
Ms. Vira Rychakivska believes that bullion coins are the best possible New Year gifts: “It seems to me that you will not find a better New Year gift than a bullion coin”.
For reference:
The bullion coins of Ukraine were put first into circulation on 28 December 2011 pursuant to NBU Board Resolution of 26 December 2011 No. 473 “On the Issuance of Bullion Coins of Ukraine”.
Bullion coins are a special group of modern monetary products designed for investing funds by a wide range of investors, including private investors. These coins are made of gold or silver refined to high fineness according to the highest international standards, which ensures a high level of protection against inflation, especially in the context of increasing value of precious metals.
In order to identify the bullion coins of Ukraine it is enough to know the main properties of precious metals, technical features of authentic coins and to be capable of using a simple, accessible and inexpensive set of tools.
Furthermore, treating the bullion coins of Ukraine as banking metals makes it possible to exempt the transactions in bullion coins from VAT, as well as customs duty when the bullion coins are taken outside Ukraine/or brought into Ukraine. In accordance with Article 196.1.4 of the Tax Code of Ukraine, foreign bullion coins are subject to taxation, with the selling value of these coins being the base for taxation.