1 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      2 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      3 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      4 RUSSIA & UNITED STATES CAN COMPETE & WORK TOGETHER IN ENERGY MARKET - PUTIN WWW.RT.COM PUBLISHED:2018/07/17      5 TESLA IS GETTING A CHINA FACTORY. THIS $4 BILLION STARTUP WILL BE WAITING WWW.BLOOMBERGTV.MN PUBLISHED:2018/07/17      6 HOW MINING TYCOONS ARE TRYING TO FOIL A BIG UK BRIBERY PROBE WWW.MINING.COM PUBLISHED:2018/07/17      7 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      8 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      9 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      10 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      ОЛОН УЛСЫН ИННОВАЦИЙН ИНДЕКСЭЭР МОНГОЛ УЛС 53-Т ЖАГСЧЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/17     ШАДАР САЙД НҮБ-ЫН ӨНДӨР ТҮВШНИЙ УУЛЗАЛТАД ОРОЛЦОЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     "ТАВАНТОЛГОЙ"-Н ТӨМӨР ЗАМЫН ТӨСӨЛ УРАГШЛАХ ЭСЭХ НЬ SHENHUA-ГААС ШАЛТГААЛАХААР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/17     ХӨШИГИЙН ХӨНДИЙН НИСЭХ БУУДАЛД 5.3 ТЭРБУМ ТӨГРӨГИЙН ҮНЭ БҮХИЙ ЦАЦРАГИЙН ХЯНАЛТЫН ТӨХӨӨРӨМЖ СУУРИЛУУЛНА WWW.DNN.MN НИЙТЭЛСЭН:2018/07/17     2017 ОНЫ САНХҮҮГИЙН НЭГДСЭН ТАЙЛАН ЗӨРЧИЛГҮЙ ДҮГНЭГДЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/17     2018 ОНЫ ЭХНИЙ ХАГАСТ ХЯТАДЫН ДНБ 6,8 ХУВИАР ӨСЧЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     МОНГОЛ УЛС ЯПОН УЛСАД 100 МЯНГАН АМ.ДОЛЛАРЫН ХҮМҮҮНЛЭГИЙН ТУСЛАМЖ ҮЗҮҮЛЭХЭЭР БОЛЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     ОУВС-ГААС МАНАЙ УЛС 184.5 САЯ ДОЛЛАРЫН САНХҮҮЖИЛТ АВААД БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     МАНАЙ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ДЭЭШИЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/16     “ЭРДЭНЭС-ТАВАНТОЛГОЙ” 40 САЯ ДАХЬ ТОНН НҮҮРСЭЭ ОЛБОРЛОЖЭЭ WWW.NEWS.MN  НИЙТЭЛСЭН:2018/07/16    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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China merger to create world's second largest steel firm www.bbc.com

Two of China's largest steel companies have announced plans for a merger, creating the world's second largest steelmaker, as the industry struggles with global overproduction.
Under the deal, Baosteel is to take over its smaller competitor Wuhan Iron and Steel.
Both companies are majority-owned by the state.
The announcement comes as Beijing tries to overhaul the steel industry, one of the country's bloated state sectors.
The merger will create a new company, China Baowu Iron and Steel Group. Based on data from 2015, the two firms together have an annual production of about 60 million tonnes a year, which would make it the country's largest steelmaker.
Globally, it would be second only to Luxembourg-based ArcelorMittal.
Baosteel's net profit tumbled 83% to 1bn yuan ($150m) last year, while Wuhan lost 7.5bn yuan, a sharp drop from its 1.3bn yuan net profit in 2014.

Global steel slump
Steel demand in China, as well as worldwide, has slumped in the past year as the country's economic growth has slowed.
The resulting overproduction has seen steelmakers around the world suffer huge losses. China has been accused of price dumping - selling its steel cheaply overseas in order to clear its stocks.
In April, China promised to reduce its steel output, following a crisis meeting attended by 30 nations.
Over the past 25 years, Chinese steel production has expanded hugely with output growing more than twelve-fold.
China produced more than 822 million tonnes of steel in 2014 and is expected to produce even more this year. However, projected demand for its steel in 2016 is only 672 million tonnes.

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Indonesia's Mitra Adiperkasa takes Zara into Vietnam www.asia.nikkei.com

JAKARTA -- Indonesian retail operator Mitra Adiperkasa has marked its entrance into the Vietnamese market with the opening of its first Zara outlet outside Indonesia.
 
The company -- which also franchises other international brands such as Starbucks, Burger King and Topman in Indonesia - said the new Zara store occupies 2,400 square meters in Ho Chi Minh City.
 
Mitra already runs 15 outlets selling the Spanish clothing line in Indonesia. The company operates nearly 2,000 retail stores or more than 150 brands in 66 cities in the archipelago.
 
Corporate Secretary Fetty Kwartati said Mitra, through a Vietnamese subsidiary it fully owns, is planning to open several other Zara stores in Vietnam next year, as well as stores of other brands under the Spanish clothing group Inditex, such as Bershka and Massimo Dutti.
 
The expansion in Vietnam was revealed after Mitra announced in June its partnership with U.S. investment company General Atlantic. Mitra had been hit hard by the slowing economy and the weak rupiah, which have seriously squeezed its profits over the past few years.
 
In the first half of 2016, net profit rose 78% to 46 billion rupiah compared with the same period the year before. Kwartati attributed the rise to investments that strengthened the company, including through the development of Mitra's e-commerce platform, Mapemall.com.
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GlaxoSmithKline names Emma Walmsley as chief executive www.bbc.com

GlaxoSmithKline has chosen Emma Walmsley, its current head of consumer healthcare, as its new chief executive.
Ms Walmsley, who joined the UK's biggest drugmaker in 2010 from L'Oreal, will replace Andrew Witty next year.
Mr Witty had previously announced he would retire in March 2017.
GSK chairman Philip Hampton said there had been "a very thorough and rigorous global selection process" for the role, adding that Ms Walmsley was "an outstanding leader".
Ms Walmsley will be the drugs giant's first female chief executive, and one of only a handful of women in FTSE 100 chief executive roles.
"I am delighted and honoured to be appointed GSK's next CEO," Ms Walmsley said in a statement.
"I'm looking forward to working with Andrew and other leaders over the next few months to ensure a smooth handover and to develop plans for 2017 and beyond."
 
 
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Petra Diamond sees shiny 2017 for the global industry www.mining.com

London-listed Petra Diamonds (LON:PDL), known for major findings in the past year, said Monday that despite challenging market conditions the sector’s future looks promising.
 
Reporting preliminary results for the year ended June 30, the diamond miner said it expected production to rise up to 24.3% in 2017 from the previous year and grow further to hit 5 million carats (mcts) in 2018, a year earlier than expected.
 
The Africa-focused company, which operates four diamond mines in South Africa and one in Tanzania, forecast production to surge to 4.4-4.6 mcts in the year ending June 30, 2017 from 3.7 mcts achieved in the same period last year.
 
The output growth would be mostly thanks to the imminent conclusion of a seven-year expansion program to boost its key South African mines Finsch and Cullinan. The recent acquisition of De Beer’s majority stake on the historic Kimberly mine is also expected to help lifting the company’s diamond overall production.
 
Petra’s chief executive Johan Dippenaar noted the company had completed a “transitionary period” as it contended with the dilution in the old mining areas of its underground mines, while the expansion programs worked hard to open up the new, undiluted areas.
 
“However by keeping the development work on track, Petra has navigated the most difficult stretch of this journey, and our progress is evident in the improving ROM grade and product mix achieved at both Finsch and Cullinan for the year,” he said in the statement.
 
Petra has attracted media and investors interest in recent months after finding three major diamonds at its Cullinan mine in South Africa, which were sold at record prices. One of those rocks, the “Blue Moon” became the world’s most expensive diamond after fetching $48.5 million at a Sotheby's auction in November.
 
In July, it sold a massive 121-carat white diamond unearthed at the same mine for $6 million. And last month it recovered yet another huge stone at the mine — a 138.57-carat white diamond, classified as type IIa, D colour.
 
Not surprisingly, the company embarked on a project to extend the life of the iconic Cullinan, located north-east of Pretoria. The new pit is due to come on stream before the end of the year, with a full ramp-up in 2017.
 
While Petra remains “cautious” for the rest of 2016, it’s confident in the long term outlook for the diamond industry, as it expects a growing middle classes in emerging markets to fuel demand for the precious rocks.
 
As a result, the miner is banking on becoming cash flow positive in the second half of the current financial year and said it would consider resuming dividend payments.
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Mongolia-Hokkaido Business Forum rounds up www.en.montsame.mn

Ulaanbaatar /MONTSAME/ Such a forum was held at the Ministry of Foreign Affairs of Mongolia on September 20. The event took place at the very due time when the Economic Partnership Agreement (EPA) between Mongolia and Japan which took effect in June is on the early stage.
 
In October of 2014, Mongolia-Japan Economic Committee was established and now afilliates 12 leading entities of Mongolia.
 
Japanese businesspeople face a strong demand in information on Mongolian companies and businesses as avail big opportunities of cooperation. Therefore, this forum focused on identifying the key areas of cooperation.
 
Hokkaido island of Japan has similar climate conditions and can act as a proper role model for Mongolia for its agricultural technologies and management, and equipment that can adapt to cold weather conditions such as of Mongolia.
 
The Ministry and the Community for Promoting Mongolia-Hokkaido Economic Ties have thrown this forum to establish better contacts between businesspeople and open new cooperation opportunities.
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China issues plan for Beijing tech innovation hub www.chinadaily.cn

BEIJING -- The State Council, China's cabinet, has issued a plan on transforming Beijing into a national scientific and technological innovation hub.
 
According to the document, China aims to make the hub a world leader in innovation, a growth pole for the economy, and a pool for talent.
 
The innovation hub is expected to become a powerful engine to boost the country's innovation drive by 2030, the plan said.
 
The document stresses the key role of north Beijing's hi-tech zone Zhongguancun and neighboring regions of Tianjin Municipality and Hebei province in supporting the technology innovation hub drive.
 
It also called for enhanced fundamental research in cutting-edge technology, improved personnel training and government services as well as a better policy environment for innovation.
 
Technological innovation in pivotal sectors should be strengthened and should benefit more people, and the capital city should become more open to international resources, it added.
 
 
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Five major projects will be moved forward this fall www.gogo.mn

Western-educated, young Mongolian Deputy Minister of Finance Kh.Bulgantuya briefed public on difficult fiscal situation. Amended 2016 budget was approved with consolidated fiscal deficit of 18%, reduction from expected execution of 20.6% by original 2016 budget. Budget had large shortfalls due to aggressive fiscal projections including ones on major projects such as Gatsuurt (not delivered). Some of Government’s (GoM) proposed cuts and all tax hikes have been rejected by Parliament, however, Ministry of Finance continues to plan tax system reform.
Government of Mongolia wants to recover FDI by moving forward 5 major projects, specifically:
OT Underground project,
TT project, 
TT power plant,
TT railroad and
Gatsuurt.
IMF Standby Program: The Deputy Minister acknowledged that quickly and successfully implementing IMF Standby Program as in 2009 would not be easy.
World Bank said, “Recent announcement of the accurate fiscal situation was a significant step toward a credible fiscal consolidation. The revised revenue projections of the government seem largely realistic, based on conservative assumptions. Projected high budget deficit and rapidly rising government debt, however, urgently call for a comprehensive and strong fiscal consolidation plan, including spending adjustment based on priorities and revenue mobilization measures.” The Bank also stated that there is a strong need for prioritizing expenditures to protect the vulnerable and improving public expenditure efficiency.
SUMMARY OF THE DEPUTY MINISTER’S INTERVIEW
Mongolian Deputy Minister of Finance Kh.Bulgantuya (MA Economics from Yale University, ex-OT, ex-Petrovis, former MPP Secretary) has said in an interview on Friday, September 16
"Amended 2016 budget has been approved. Fiscal revenues have been revised downward by ~MNT1.7t (~US$850m) to MNT5.3t (~US$2.65b). Fiscal expenditures were adjusted upwards by MNT1.7t (~US$850m) to MNT9.7t (~US$4.85b), resulting in consolidated budget deficit of MNT4.3t (~US$2.15b) or 18% of GDP. We had to proactively amend budget to reflect ongoing decline of the revenues and increase in the expenditures since shortfall of fiscal revenues was likely to reach MNT4-5t (US$2-2.5b) and deficit was expected to reach 20.6% of GDP by execution of original approved 2016 budget. Secondly, we consolidated Mongolia’s four, five budgets. Due to consolidation, fiscal deficit increased ~4x from MNT1.2t deficit in 2015. Offbudget spending of MNT1.4t (US$700m) particularly had impact in this respect. We reduced deficit to 18%. Economy, as a whole, is in decline, for example, only import revenues declined 30% y-o-y. Also, Economic Transparency law did not result in significant tax revenues.
Very optimistic projections, including ones on several major projects such as Gachuurt, were reason for decline in fiscal revenues. Also, navigation revenues projections were too aggressive at 30% increase. Further, privatization of several large SOE-s was not executed as planned.
Some fiscal cuts proposed by Government were declined by Parliament. The legislature did not support paycuts for senior state officials. Severance subsidy for state officials was not reduced from 36 months pay. We attempted to cut all noncritical expenses, such as fuel, postal, conference and events expenses by 50%. Children’s cash transfers of MNT 21,000 per month have run out of funding and were stopped since July. We reflected it in the amendment; children monies will be issued till end of 2016. Children of targeted group or ~60% of total children will receive cash, remaining 40% will be opened accounts on their names and they will be able to cash out since 2019. We have stopped indefinitely mutual retirement benefits because Social Insurance Fund (SIF) does not have necessary ~MNT50b funding. Student’s monthly subsidy of MNT70K per month will be issued till end of 2016, however on condition of fulfilling all previous requirements. Only SIF is burdening budget by requiring subsidy from budget of MNT400-500b (~US$200-250m) per year. Four years later, the SIF fiscal burden is expected to reach MNT1t (~US$500m) per year.
Government proposal for tax hikes on very minor part of population and certain sectors were not approved by Parliament. But we are researching several options. Tax hikes proposed by Government will not impact ordinary citizen. Tax hike will only impact 1-2% of taxpayers. Majority of Mongolian people do not own gold deposits, do not live in apartments more than 150 sq. meters, do not have salary more than MNT2.5m and do not own liquor and tobacco businesses. Going forward, it would be proper to implement income level based tax. Countries with same GDP per capita have income taxes with 5 levels from 5% to 35%. Further, Mongolian economy has grown in size.
We have no right to continue another 4 years funded by external debt at any cost and pretend that everything is fine. Mongolian economy is in really difficult shape and Ministers, who are also MP-s, are working under great pressure. In 2017 and 2018 budget has not sufficient funds to pay all debt principal and interest payments even if we don’t pay salaries to anyone and don’t fund current expenses of any kindergarten. In another words, we have more debt than our income.
We will restore trust of foreign investors by moving forward OT Underground project, TT project, TT power plant, TT railroad and Gatsuurt project. Negotiations on major projects will be done this fall. Investors don’t trust Mongolian authorities because previously even projects approved by Parliament were returned.
It will be hard to quickly and successfully implement the IMF program like in 2009. Last time Mongolia was in IMF Standby Program in 2009, Mongolian economy was relatively small. We had no debt of more than US$20b as we do now. Consumption of Mongolia has hugely expanded; it is not easy to reduce it. In particular, in last 4 years because of unlimited luxury consumption, Mongolian state has eaten and borrowed our future, said “it is ok, our children will pay it”. We must now to use all our internal resources and capabilities in union of state, private sector and citizens, all together for the country’s good. Some foreign country or some good soul somewhere will not fund Mongolian state".
WORLD BANK FISCAL COMMENTARY
According to National Statistics Office of Mongolia, fiscal deficit reached MNT 1.8 trillion in Jan-Aug, ~2.34x increase from MNT769b in the same period last year.
In Mongolia Economic Brief released on September 6 (before approval of amended 2016 budget), World Bank has said that
“Weaker commodity prices and import contraction were reflected in budget revenues felling by 3.3 percent (yoy) in the same period. Mining revenues sharply dropped, with royalties almost halving from one year ago. Customs duties declined by over 10 percent due to weaker imports. Non-tax revenues also declined by 4.3 percent, reflecting a 33 percent drop in oil revenues, and minimal collection of dividends and privatization revenues. “
“Unbudgeted spending programs and loose spending controls largely contributed to budget expenditures jumping by 33 percent (yoy) in Jan-July. Government programs were launched in the first half. These programs included three policy loan programs (Good Herder/Student/Fence Programs) and a buyback program of the ETT shares owned by Mongolian citizens (Good Share Program). In Mar-July, over MNT 500 billion was spent for the four Good Programs. These programs were not recorded in the budget execution report until July, and have been funded by the BoM. Many of the on-budget expenditures also exceeded the original budget plan, including the Child Money Program, interest payments, and public investment spending. In addition, the government spent over MNT 400 billion in Mar-July for the Housing Mortgage Program that was previously undertaken by the BoM. The mortgage program spending, however, is yet to be recorded in the budget execution report. “
“Corrective measures have been taken by the government. The proposed budget, however, excluded the Housing Mortgage Program that was transferred to the government in March. The commercial portfolio of the DBM still remains off the budget. A revised Medium Term Fiscal Framework for 2016-18 was also submitted to the parliament. The consolidated overall budget deficit—which adds DBM’s off-budget commercial portfolio to the government’s definition—is expected to reach over 19 percent of GDP by end- 2016.

World Bank’s projections for budget deficit in 2016

The recent measures taken by the new government are welcome, but further actions are urgently needed. The immediate challenge facing the new government was to contain the sharp rise in budget deficit and consolidate unbudgeted expenditures. The recent announcement of the accurate fiscal situation was a significant step toward a credible fiscal consolidation. The revised revenue projections of the government seem largely realistic, based on conservative assumptions. Projected high budget deficit and rapidly rising government debt, however, urgently call for a comprehensive and strong fiscal consolidation plan, including spending adjustment based on priorities and revenue mobilization measures. The fiscal consolidation plan should also include all of the remaining off-budget programs such as Housing Mortgage Program and DBM’s off- budget corporate lending programs that would likely increase fiscal burden.”
Nominal value of general government debt, including the sovereign-guaranteed TDB debt and the outstanding debt of the Build-Transfer (BT) projects, is projected to reach over 90 percent of GDP due to the high deficit and exchange rate depreciation, a sharp rise from 66 percent of GDP in 2015.
There is a strong need for prioritizing expenditures to protect the vulnerable and improving public expenditure efficiency. Weakening growth and declining household consumption, despite the large increase in government spending this year, suggests that public expenditures may not be productive enough to support growth and jobs, underscoring the need for proper assessment of public expenditure efficiency and effectiveness. Particularly, the most recent poverty analysis showed that poverty closely tracks growth and consumption. The recent high unemployment rate and a sharp drop in household consumption indicate that many households near the poverty line may be sliding back to poverty, putting a drag on growth. Strengthening the social safety net, particularly targeting the vulnerable groups near or below the poverty line, would help mitigate the social costs of fiscal adjustment and support growth.
Source: Mongolia Metals & Mining

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President of Mongolia arrives in New York for 71st UNGA session www.en.montsame.mn

Ulaanbaatar /MONTSAME/ After completing his official visit to the Republic of Cuba, President of Mongolia Tsakhiagiin Elbegdorj arrived in New York to attend the 71st session of the United Nations General Assembly on September 19.
 
He is to take part in the General Debate and other high level meetings. The President will participate in the high-level event at the initiative of the UN Secretary General on appealing to enforce the Paris Agreement within the UN Framework Convention on Climate Change, and present certificates and credentials.
 
On the sidelines of the visit, the President will visit Philadelphia, Pennsylvania, meet with the city mayors, give a lecture at the University of Pennsylvania and an interview to the university press.
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Panasonic develops cameras for self-driving cars www3.nhk.or.jp

Leading Japanese electronics maker Panasonic is testing an experimental self-driving vehicle equipped with cameras and other sensory equipment.
 
The 2-seater compact car has 5 cameras installed in it to identify surrounding objects.
 
Panasonic engineers are testing to see whether the cameras accurately recognize the surroundings, and whether the steering wheel and brakes function properly based on the information collected by the cameras.
 
Panasonic plans to increase revenues from the self-drive technology by more than 150 percent to 600 billion yen, or 5.9 billion dollars, over 2 years.
 
The head of the Panasonic automotive business development center, Susumu Ibaraki, says he wants to speed up development.
 
Other major electronics companies are also expecting high growth in self-driving vehicles.
 
Hitachi and Mitsubishi Electric are working to strengthen their camera and sensor businesses to capitalize on the growth.
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Central banks boost gold reserves as low interest rates bite www.theguardian.com

Central banks have boosted their gold stocks by almost 10% since the financial crash, reflecting its renewed attractiveness as a safe haven in an environment of uncertainty and low or negative interest rates.
 
China and Russia have led the switch to gold away from foreign currencies, especially the US dollar, to shore up their reserves. Western nations, including the UK, have halted several decades of mass sell-offs.
 
According to the Official Monetary and Financial Institutions Forum (OMFIF), central banks have swooped on the gold markets every year since 2008 to become net bullion buyers, adding more than 2,800 tonnes, or 9.4%, to reserves.
 
Britain has one of the smallest holdings of gold in the G7 at 0.9% in 2016 while the US has the largest after increasing its share from 24.5% to 24.8% between 2000 and 2016. In 1980, the US had 44.1% of all gold stocks and 75.7% in 1940.
 
“Developed countries [accounting for the lion’s share of total official holdings] have been conserving stocks, while developing countries led by China and Russia have been building them up.
 
“This is the longest protracted spell of gold accruals since 1950-65, when central banks and treasuries acquired a net total of more than 7,000 tonnes during the economic recovery after the second world war,” said David Marsh, the director of OMFIF.
 
He said central banks were turning back to gold purchases in line with a century of practice between 1870 and 1970. “This has restored the yellow metal as a central element of monetary management.”
 
According to the World Gold Council there was a 15% jump in demand in the second quarter of the year as purchases by exchange-traded funds added to central bank purchases.
 
“In fact, the gold price posted the strongest first half-yearly performance, up 25%, for more than 35 years,” it said.
 
The OMFIF report found that central bank purchases over the past eight years have returned to the 100-year average up to 1970 when annual net gold purchases were 350 tonnes a year.
 
Marsh said gold had gone through seven stages since the early 19th century. A period of selling by central banks from the late 1990s juddered to a halt in 2008, but not before the UK, the Netherlands and Switzerland had unloaded billions of pounds worth of the metal.
 
Between July 1999 and March 2002, the Bank of England sold 395 tonnes of gold at an average price of $275.60 per troy ounce. It is estimated the UK lost about £4bn after the price recovered to approximately $1,000 an ounce. Since 2008 it has been worth between $1,000 and $1,600.
 
The sales were widely criticised at the time.
 
The report said: “Central bank gold transactions have often been somewhat disassociated from the gold price.”
 
Central banks were net sellers during four decades of fluctuating but generally rising bullion prices from the early 1970s onwards.
 
“The latest period since 2008 has been a time of sharp price swings in the $1,000 to $1,600 per ounce range, but the eight-year switch to central bank purchases appears to have been a factor behind the price recovery since 2015,” the report said.
 
 
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