BOK to buy domestically produced gold for 1st time in 13 years
SEOUL, Aug. 3 (Yonhap) -- The Bank of Korea (BOK) said Monday it plans to purcha...
The Bank of Korea (BOK) announced its intention to purchase domestically produced gold for the first time in 13 years through over-the-counter transactions. This move, established in partnership with LS MnM Co., Korea Exchange (KRX), and Korea Securities Depository (KSD), aims to minimize the impact on domestic gold prices. LS MnM Co., one of South Korea's major gold producers, along with Korea Zinc Co., produces approximately 40 to 45 tons of gold annually, with about 10 percent intended for export.
The BOK will consider purchasing a portion of the gold not consumed domestically, using existing KRX trading and settlement infrastructure and storage facilities prepared by KSD. This new purchase channel is expected to reduce foreign exchange risks compared to previous overseas purchases made in U.S. dollars. The BOK currently holds 104.4 tons of gold, ranking 39th among central banks worldwide.
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