We Will Not Sell Precious Metals from the Public Treasury: Minister

The government will not auction and will not sell precious metals and stones (gold, diamonds, pearls, and so on) from the public treasury, said RA Minister of Finance David Sargsyan at the cabinet meeting today. According to him, the press misinterpreted the decision "on amendments to the Government of the Republic of Armenia's July 4, 2012 N880 decision."

"The meaning of this decision is to not sell the precious metals. This decision was made in the past, [but] it was not fulfilled because the international market prices fell. Today we can state that we're not selling at the moment," he said. 

As grounds for the legal act in the draft decision presented by the government, it was noted, in particular, that 
apart from the bullion corresponding to the state standard and goods of historical-cultural and high artistic value prepared from the precious metals and stones in the state treasury, preserving other valuable items is "ineffective and inexpedient."

One of the aims of the project was to improve the management system and ensure the development, stock, and expenditure of state reserves of precious metals and stones with the goal of satisfying Armenia's industrial, financial, and other needs.