As of 1 May 2013, Ukraine's gold reserves stood at approximately 36.1 tonnes of gold.

"One way to replenish the gold and foreign exchange reserves is to purchase banking and precious metals from the population through the regional branches of the National Bank of Ukraine. The National Bank of Ukraine has 20 years' experience in carrying out such transactions and guarantees their security and confidentiality," noted Ms. Vira Rychakivska, Deputy Governor of the National Bank of Ukraine.

The regional branches of the National Bank of Ukraine, engaged in purchasing banking metals in the form of ingots and precious metals in the form of scrap metal are equipped with modern weight-measuring devices that are calibrated on an annual basis at the centres for metrology and standardization to ensure that fineness, weight and quality are determined with high accuracy and precision.

Valuables are accepted without any restrictions on weight and regardless of their value. The regional branches of the National Bank of Ukraine purchase valuables at prices that are adjusted on a daily basis in line with movements in world prices for precious metals. Information on purchase prices is posted on the NBU's official website.

In accordance with the revised Tax Code of Ukraine, which came into effect in 2012, proceeds arising from the sales of banking metals in the form of ingots and precious metals in the form of scrap metal to the National Bank of Ukraine are not subject to individual income tax.

The amended law allowed the regional branches of the National to step up the purchases of precious metals in the form of scrap metal. In 2012, inflows of gold and silver into the National Bank of Ukraine increased 28 and 12 times respectively (as compared with 2011).

“Banking and precious metals purchased from the population are refined by the National Bank of Ukraine so that they will meet the purity requirements that apply to standard gold bars and form part of the gold and foreign exchange reserves," emphasized the Deputy Governor of the National Bank of Ukraine.

Thus, every citizen of Ukraine can contribute to building up reserves for future generations.

"Ukraine ranks 47th in the world in terms of gold reserves. It is a very good figure. On behalf of the National Bank of Ukraine, let me take this opportunity to thank the citizens who have sold banking and precious metals to the National Bank of Ukraine and all those who will do it in the future for their efforts to accumulate the gold and foreign exchange reserves, " noted Deputy Governor of the National Bank of Ukraine Vira Rychakivska.

For reference:

Pursuant to item 15 of Article 7 of the Law of Ukraine "On the National Bank of Ukraine" one of the remits of the National Bank of Ukraine is to ensure accumulation and custody of the gold and foreign exchange reserves and conduction of transactions with them and banking metals.

In order to exercise its functions, the National Bank purchases and sells banking metals and precious metals in the domestic market (item 7 of Article 42 of the Law of Ukraine "On the National Bank of Ukraine").

With a view of replenishing the gold and foreign exchange reserves, the National Bank of Ukraine purchases banking metals in the form of ingots and precious metals in the form of scrap metal from individuals.

The above mentioned valuables are purchased in accordance with Instruction on the Procedure for Carrying out Transactions Involving the Purchase of Banking and Precious Metals from Individuals approved by NBU Board Resolution No. 206 of 21 May 2003 registered with the Ministry of Justice of Ukraine on 3 June 2003 under No. 425/7746 (as amended by NBU Board Resolution No. 130 of 5 April 2012).