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Kumtor developments: Akylbek Japarov comments on decision of LBMA

The Minister of Economy and Finance of Kyrgyzstan commented on the decision of the London Bullion Market Association (LBMA) to suspend Kyrgyzaltyn JSC from the LBMA Good Delivery List. He published his opinion on his Facebook page.

According to him, the whole thing happens according to the predictable scenario. The decision of the London Bullion Market Association was expected. At the same time, he stressed that the decision is temporary, therefore, the Good Delivery status can be restored at any time.

«No one expected that Canadians would apologize for all the harm they caused to the people of Kyrgyzstan, the economy and ecology of the republic and peacefully leave, having reimbursed all the losses. The position of some of our compatriots, who gloat and supposedly rejoice at our every failure, is inapprehensible. Moreover, I can say now that there may be other obstacles and difficulties on their part, this is also predicted, and we take this into account,» Akylbek Japarov commented.

The official also said that the Kyrgyz authorities have begun to work out new channels for the supply of gold. Negotiations are already underway. He promised that the conditions would be no worse than the previous ones.

«It should also be remembered and taken into account that the New York bankruptcy court on September 15, having considered the lawsuit of the lawyers of Centerra Gold Inc. on the Kumtor mine, refused to impose a fine on the government of Kyrgyzstan. This is another confirmation that we are on the right track. In any case, I am sure that this entire campaign will have a positive multiplier effect for Kyrgyzstan. This is not obvious for many people, but the situation in the economy is always improving after imposition of sanctions. This happened, for example, in Russia and many other countries. Such conditions provoke technological development, own innovative production, contribute to building of new export ties,» Akylbek Japarov believes.

He spoke for the development of the domestic jewelry industry, noting that the country has culture and history in this direction. At the same time, he is sure that Kyrgyz gold will cost more in form of jewelry.

The Deputy Chairman of the Cabinet of Ministers is also sure that the sanctions work to increase gold in the republic, and gold is a reserve currency of the highest category, which serious international creditors are happy to work with. The official also noted that «electronic som» project is now being prepared for launch, which will be backed up by Kyrgyz gold.

«There is another very important aspect that concerns not only Kyrgyzstan. The system of so-called international standards, in particular gold and other export products, is seriously criticized by leading world economists, because this is the truest form of economic colonialism. Basically, the countries that created the system, that govern it, force emerging markets to obey their rules. Accession to this «club of standards» is very, very expensive. The fact that they began to exclude us from various such associations suggests that we have begun to show our economic will, we can talk about economic patriotism. So, I repeat once again, there is no reason for panic. There are difficulties, they will be, there is not a single turning point without it,» Akylbek Japarov said.