News Column

NBU-Ms Vira Rychakivska: An increase in purchases of bullion coins indicates the growing public interest in long-term investments

February 6, 2014

ENP Newswire - 06 February 2014 Release date- 04022014 - Being investor friendly monetary products, the 'Archangel Michael' bullion coins are gaining popularity among the general public. 'In 2013, 45,342 pieces of bullion coins were sold for a total of UAH 129.54 million, which was 2.56 times more (in quantity terms) and 2.46 times more (in value terms) than in 2012,' said Deputy Governor of the National Bank of Ukraine Vira Rychakivska . The National Bank of Ukraine has sold 63,082 pieces of bullion coins worth UAH 182.12 million since the launch of bullion coins. Last year saw the growing public interest in the bullion coins as a reliable form of long-term savings. In 2013, the National Bank of Ukraine sold 42, 350 pieces of bullion coins directly to individuals, which was 6.89 times more than in 2012. 'The convergence between the coin price and the value of the amount of precious metal that is contained within the coin, as well as high liquidity of bullion coins make bullion coins attractive to investors. The increased purchases of bullion coins point to a shift in consumer behavior, the propensity to save, and the growing public interest in long-term investments. What is more, bullion coins are fancy gifts suitable for all occasions,' said Ms Vira Rychakivska. The statistics suggest that bullion coins enjoy strong demand in Kyiv , Odesa, Donetsk , Dnipropetrovsk and Kharkiv oblasts. Presently, a full series of 'Archangel Michael' bullion coins consists of five coins, including 1 silver coin of 1 hryvnia face value (1oz) and 4 gold coins of 2, 5, 10 and 20 hryvnias face value. (1/10 oz, 1/4 oz, 1/2 oz, and 1 oz respectively). Overall, the National Bank of Ukraine has struck 100,500 pieces of bullion coins, including 46, 000 pieces of gold coins. In order to make bullion coins more accessible to the general public, the National Bank of Ukraine concluded agreements with the following authorized banks: JSC ' Oschadbank ', JSB 'Ukrgazbank', JSC 'Ukreximbank', PJSC ' BANK FORUM ', PJSC 'VAB Bank ', and JSC ' IMEXBANK ' that sell bullion coins at the prices set by the National Bank of Ukraine . All the information on bullion coins is posted on the NBU's official website in the 'Bullion coins and precious metals' section. This section provides information on purchase prices and selling prices for bullion coins, sales offices, price-setting procedure, and features description of bullion coins and their technical specifications.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: ENP Newswire


Story Tools