Madagascar's first gold bar

Banky foiben'i Madagasikara yesterday unveiled the first monetary gold ingot of its national gold reserve like many countries.

Madagascar's first gold bar

Madagascar presented yesterday on the occasion of the launching ceremony of its 50th anniversary its first gold bar. These are ingots with a degree of purity of 995/1000^th and ingots with a degree of purity of 999/1000th. they weigh approximately 12,5 kilos, he indicates. It has been treated according to the strict international standards set by the professional organization LBMA (London Bullion Market Association).

The BFM has decided to introduce monetary gold as part of its strategy to strengthen and diversify foreign exchange reserves.

Actually, “This is just the beginning”, underlines the President of the Republic Andry Rajoelina. The Malagasy State intends to have at least 4 tons of gold per year for the production of ingots but also coins 50 ariary, does he advance.

International compliance

These bars follow the standards set by the London Bullion Market Association (LBMA) which is the standard in the international market. “Our famous yellow metal follows all international standards in terms of values ​​such as listing on the London Stock Exchange, or at the Gold Stock of Exchange (Istanbul)” says the governor of the BFM, before explaining.

Actually, “for the LBMA, the norm is 99,5% and more. And, these ingots that we have manufactured are of superior quality to this floor and can go up to 99.99%, this is what we are aiming for for the next transformations.”

The price of the gold coin 50 Ariary

Yesterday's ceremony was also the occasion to unveil the first gold coin of 50Ariary which marks this anniversary. These coins will be minted to mark the 50 years of the BFM. Actually, the coin is already on the market and should be sold to the public. She weighs about an ounce which is worth around 8,5 million ariary if we refer to the current price of gold presented by the Minister of Mines and Strategic Resources. The BFM plans to issue 5 000 commemorative gold coins after the 500 coins that were issued for demonstration yesterday.