International Gold Storage Cooperation (IGSC)
The International Gold Storage Cooperation (IGSC) is an international organization that facilitates the storage and exchange of gold among its member central banks. It was established in 2012 by the central banks of China, India, Russia, and Turkey.
Objectives of the IGSC
* To provide a secure and efficient infrastructure for the storage and exchange of gold
* To promote gold’s role as a financial asset
* To enhance cooperation among central banks on gold-related issues
Members
The IGSC currently has nine members:
* China
* India
* Russia
* Turkey
* Kazakhstan
* South Africa
* Ukraine
* Central Bank of Oman
* Monetary Authority of Singapore
Operations
The IGSC operates through a network of central bank gold vaults located in various countries. These vaults provide a secure and environmentally controlled environment for the storage of gold. The IGSC also facilitates the exchange of gold among its members, using established market practices and standards.
Benefits of IGSC Membership
* Access to a secure and reliable gold storage infrastructure
* Increased liquidity and accessibility of gold
* Enhanced transparency and accountability in gold management
* Improved cooperation and information sharing among central banks on gold-related issues
Significance
The IGSC plays a significant role in the global gold market by:
* Providing a centralized platform for gold storage and exchange
* Facilitating the flow of gold between member central banks
* Enhancing the confidence and trust in gold as a financial asset
By promoting cooperation and transparency, the IGSC contributes to the stability and integrity of the international monetary system.
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