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Precious metals bill needs revision

December 29, 2018

On December 28, at the initiative of IBC, the Secretariat of the for Business Development and Investment Council under the Government of the Kyrgyz Republic discussed the draft Law “On Amendments to the Law of the Kyrgyz Republic “On Precious Metals and Gems”.

Участники встречи рассмотрели вопросы дерегулирования и демонополизации ювелирных изделий из драгоценных металлов и драгоценных камней, а также реализации аффинированных драгоценных металлов, прошедших переработку вне территории КР при согласии Правительства КР и Национального банка КР.

The meeting participants considered the issues of deregulation and de-monopolization of jewelry made of precious metals and precious stones, as well as the sale of refined precious metals that were processed outside the territory of the Kyrgyz Republic with the consent of the Government and the National Bank of the Kyrgyz Republic.

Earlier this month, IBC requested the relevant state body to extend the work of the Inter-Agency Working Group (IWG) to finalize the draft document with the participation of representatives of the business community, taking into account the practice of applying the legislation on precious metals in the EAEU member countries and in neighboring third countries.

According to the IBC representative in the IWG, the principal provisions of the document do not meet the interests of the subsoil users – producers of precious metals and may adversely affect their economic activities. In particular, the contradictions of the draft document with some provisions of the Eurasian Economic Union (EAEU) have not been taken into account. In addition, the document does not contain norms governing the legal relations between the producers of precious metals and the main buyer, the National Bank of the Kyrgyz Republic.

Following the meeting, the Ministry of Finance of the Kyrgyz Republic was requested to submit the document to the relevant ministries and departments for approval. The State Committee for Industry, Energy and Subsoil Use of the Kyrgyz Republic should finalize the draft Law “On Amendments to the Law of the Kyrgyz Republic “On Precious Metals and Precious Stones” before March 1, 2019.