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Central banker with too much gold wants Treasuries instead

By Evgenia Pismennaya and Anna Andrianova
Bloomberg News
Thursday, July 11, 2019

With trade wars and sluggish growth making goldbugs of central bankers around the world, one country wants to buck the trend.

The central Asian nation of Uzbekistan is unwinding decades of isolation, opening its economy and modernizing its markets after the death in 2016 of Islam Karimov, the country's ruler for the previous quarter-century.

... Dispatch continues below ...


ADVERTISEMENT Glint Completes L5 Million Private Placement
and Welcomes Sprott as Strategic Investor

Company Announcement
Thursday, June 13, 2019

Glint Pay Inc. (glintpay.com), the first-mover company that enables physical gold to make instant payments using a debit Mastercard, today announced the completion of a private placement of L5 Million in London-based parent Glint Pay Ltd. The financing was led by Sprott, an alternative asset manager and a global leader in precious metal and real asset investments with approximately $8 billion in assets under management.

Founded in the United Kingdom in 2016, Glint established the first app-based account in February 2018 giving clients in Europe a low-cost way to buy, sell, and save physically allocated gold and for the first time instantly spend it via the Glint Mastercard anywhere Mastercard is accepted. Glint Pay then added multiple currency wallets, including U.S. dollars, British pounds, and euros in July 2018. The company is working on its launch into the United States. ...

... For the remainder of the announcement:

https://glintpay.com/en_us/glint-en_us/glint-completes-5-million-private...


Currency controls have been rolled back, the government debuted eurobonds in February, and now central bank Governor Mamarizo Nurmuratov is looking to buy U.S. and Chinese sovereign debt as he diversifies the nation's $26 billion of international reserves away from the yellow metal. "We want to buy U.S. paper and the debt of other countries, including China," Nurmuratov, 59, said in an interview in St. Petersburg, Russia. "The share of gold is near 50%, but in the future it can be lower." ... ... For the remainder of the report: https://www.bloomberg.com/news/articles/2019-07-11/central-banker-with-t...

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