Sberbank (a contraction of the Russian words for "Savings Bank") is one of the largest banks in the Pridnestrovskaia Moldavskaia Respublica, or PMR for short.
Pridnestrovie declared independence in 1990 during the
TransnistriaIn Pridnestrovie gold ownership has been fully legalized. The first local bank to offer gold is Pridnestrovie's Sberbank. The move is part of a series of sweeping reforms being enjoyed in the new and emerging country.
Sberbank's chairman Yuri Tverdokhlib stated that, " this is the first time a bank in Pridnestrovie is offering gold and silver, with the bank allowing customers to purchase precious metals on installment plans."
Initially, Sberbank will be offering gold ingots ranging from 1 gram to 500 grams. Later in the year, if there is a demand, gold bars of 1 kg will also be on sale.
"We advice citizens to diversify, and put some of their assets in precious metals," Yuri Tverdokhlib said. He also noted that gold, as well as silver, is currently in an upwards trend, with prices already having risen more than 30% in the past year.
Gold is sold by Sberbank at the international spot price, and comes with assay certification. Commission depends on amount of the transaction, but would be less than 1%, the bank reports.
The lifting of gold ownership restrictions is part of a series of reforms bringing Western-style economic freedom to this small and unrecognized country located in what was formerly a part of the
Now with the PMR Sberbank offering it's citizens sold gold bars the door is open just that bit wider for gold to be traded in the eastern Countries.