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It is said that the gold entering the National Bank has decreased
The bank announced that the amount of gold going into the National Bank has decreased in the current fiscal year.
The bank said that the gold produced by the traditional gold producers and Midrock for the limited gold mining company is not being received properly.
The Bank's Deputy Governor and Chief Economist Fikadu Dgafe told Fana Broadcasting Corporation that it is planned to buy 10,000 kilograms of gold in 2015.
He mentioned that he was able to buy 2,684 kilograms of gold in the last nine months, which showed a decrease of 62.5 percent compared to the same period last year.
He said that the smuggling business is a challenge and asked everyone to pay attention to it.
He also stated that the bank is making an effort to encourage the legal business by purchasing at a 35 percent increase.
State Minister of Mines Million Mathews, on his part, emphasized that it is not the security problem in the country, but the smuggling trade that has caused the decrease in gold production.
They pointed out that the states have not properly controlled the licenses they give and mentioned that the entities involved in the illegal trade have been arrested.
He pointed out that a new operational decree has been prepared and submitted to the Council of Ministers to address the problem of major mineral resources, including gold.
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