中央银行在为ASGM购买定价时的考虑因素

What happens if the value of the inventory isgreater than the net realisable value?16Cost of conversion to London Good Delivery17Recognition of gold as a reserve asset17Inventory management considerations for ASGMpurchases17 Contents Introduction3 Conclusion18 Rationale for central bank ASGM gold purchases4 Appendix I: Banco Central del Ecuador19Appendix II: Banky Foiben’i Madagasikara (BFM)22 Appendix III: Bank of Mongolia24Appendix IV: Bangko Sentral ng Pilipinas25Appendix V: Bank of Zambia26 Related issues for any gold purchase program5 Considerations when price setting for ASGMpurchases7 Issues beyond acquisition of foreign reserveassets7Ensuring market neutrality7Cooperation with other government entities7Effect of royalties and taxes8 Considerations when setting gold price9 Point of purchase10What to include in the purchase price10Paying a discount on the current LBMA price11Recognising ASGM gold as a reserve asset12 Related pricing considerations13 Reviewing and reporting the pricing framework13 Options to defer refining and recognition asmonetary gold13 Treatment of gains and losses on recognition asmonetary gold14 Responses to reporting losses on ASGM goldpurchases14 Accounting framework for ASGM gold15 Costs to recognise for inclusion as inventory16Costs excluded from inventory but relevantwhen calculating the purchase price16 Introduction The strength of world gold prices has enhanced both the level and the value ofArtisanal and Small-Scale Gold Mining (ASGM) in countries around the world.1Thispresents challenges to societies and governments on a range of issues related toASGM mining, such as environmental, societal, legal, regulatory and economic. Severalpapers exist that cover these issues, the government response to which may be aState Gold Buying Program (SGBP).2The purpose of this paper – whilst acknowledgingthe issues outlined above – is to examine the price-setting process for central banks ina SGBP.3 With growing frequency central banks are acting as an agent in a SGBP, purchasingthe growing volume of ASGM output. As legal and tax laws are country specific, thispaper cannot provide specific advice in these areas. Rather it discusses issues centralbanks may consider around pricing their ASGM purchases. It does not considerquestions arising from central bank purchases from mid- or large-scale local goldmining. The paper discusses: •The rationale for central bank ASGM gold purchases•Related issues for any gold purchase program•Considerations when setting the price for ASGM purchases•Factors affecting gold price setting•Configurations for central bank gold purchases•Accounting issues for ASGM purchases. This paper is provided for informational purposes only and does not constitute legal or tax advice. Readersshould consult their own legal, tax, and financial advisors before making any decisions based on theinformation contained herein. Rationale for central bankASGM gold purchases Central bank foreign exchange reserves may include monetary gold as an elementwithin their portfolios.4Traditional practice has been for central banks to acquire theirgold as allocations from their own treasuries or through purchases on internationalmarkets.5Such practices have ensured a transparent pricing mechanism that hasprotected central banks from accusations of improper pricing or transfers in favour ofa preferred domestic party. Central banks that undertake local ASGM purchasesshould, however, address related pricing issues both within the SGBP and the broaderframework of central bank mandates. A credible rationale exists for central banks to undertake gold purchases within thestandard framework of core central bank functions. These include the maintenance offoreign exchange reserves, financial stability, and the encouragement of economicgrowth. Central banks and governments need to consider a number of factors beforedeciding whether the rationale applies in their situation.6These include: •Existing dynamics in the gold industry•The cost of operating a gold purchase program•The distribution of gold producing areas•Existing legal and regulatory frameworks•The ability of the central bank to manage gold purchases and sale activities as part of its operations•The need for the central bank to accumulate monetary gold holdings. Situations exist where it is more appropriate for a separate agency, unrelated to thebank, to operate the gold purchase program, or for the country to rely on existingmarkets. Related issues for any goldpurchase program As stated, this paper cannot offer any legal or taxadvice, but rather identifies issues central banksshould consider when developing legal provisions forgold purchases. Definition of a gold buyingmandate Any legal provisions should cover relevant aspects of agold purchase program, be consistent with the bank’sstated mandate, and avoid any unintendedconsequences. This legislation should define thecentral bank’s role in the gold purchase progra