Russians can now sell precious-metal coins

Read the text and sum it up

For the first time in years, Russians can legally sell coins made of precious metals, but only those minted in Russia after 1988 and only at 20 percent of their market value,

Some observers see it as the first step toward formation of an exchange trading in precious metals and coins that would be accessible for individuals.

Until now, the only way to convert such coins into cash was through black-market dealers who paid prices at a fraction of market value. The change did not come about through government legislation, but rather because the banks see new ways of making profits.

Beginning mid-January, Sber­bank's Moscow- Division added coins — silver, gold. platinum and palladi­um minted in Russia after 1988 — to its list of sale/purchase items. Sberbank had previously started trading in gold bullion.

"This is a pilot project, said Andrei Tikhonov of Sberbank's Moscow Division precious metals operations. "At this point, we only can offer to buy these coins at 20 percent of their value. But after a while as we figure out market dynamics, we will probably pay more.

"The market's capacity for coins made of precious metals is quite high. Sberbank's sale of such coins stays at 50,000 pieces a year on the average."

Coins vary in denomination; last year, a Pushkin series was minted to celebrate the writer's 200th anniver­sary, including a platinum 150-ruble coin. This year, 5,000 silver 2-ruble coins have been minted.

During the initial stage, Sberbank will buy only coins minted after 1988, because "since that year, coins of pre­cious metals have been minted in Russia on a more or less regular basis. The series of coins minted from 1979 through 1981 did not match qualify standards, and there is reason to believe that a large amount of fakes may have been produced."

" Sberbank's Moscow Division plans to use coins purchased from the pop­ulation, depending on their condition, either for subsequent resale, as mate­rial for jewelers or as scrap for indus­trial smelting.

"There are several enterprises in Russia ready to process low purity coins into higher purity ingots. Such ingots will subsequently be put in Sberbank's vaults as liquid assets," Tikhonov said.

The Central Bank of Russia has issued three to six series of precious metal coins quarterly during the last three years, each series numbering at least 3,000 coins.

Sometimes, people buy precious metal coins for savings but more often for presents, because the sale/purchase price gap is very large. Besides, such coins are legal tender. However, they are accepted only at their face value, not the market one.

Exercise 1. Find English equivalents in the texts:

Драгоценные металлы;Рыночная стоимость; Превращать в наличные деньги; Законодательство; Золотые слитки; На более или менее регулярной основе; Не соответствовать стандартам; Ликвидные активы; Разрыв между ценой продажи и покупки; Номинальная стоимость.

Exercise 2.Find in the text the words to which these definitions are given. Compose as many sentences with the words as possible

1.Assets , that can be easily converted in cash

2.Rooms with thick walls and heavy doors to protect it against fire and thieves, in which money, bullions and important papers are kept in a bank.

3.Bars of precious metals

4.Any form of money which by law must be accepted when offered in payment

5.A very small amount or part of smth.

6.A standard of value

7.To make coins. The place where coins are officially made by the government

8.Worthless copy of something, intended to decieve

9.The value or cost as shown on the front of the coins

Exercise 3. Translate the text