The National Bank of Ukraine launches an investment coin issuance program on December 28th 2011. 3 investment coins has been issued into circulation;

20 hryven coin, metal - gold, purity 0.9999, weight 31.10 g, diameter 32 mm, uncirculated quality, edge reeded and plain sections. Mintagage 1 500 pcs.
5 hryven coin, metal - gold, purity 0.9999, weight 7.78 g, diameter 20 mm, uncirculated quality, edge reeded and plain sections. Mintagage 3 000 pcs.
1 hryven coin, metal - silver, purity 0.9999, weight 31.10 g, diameter 38.6 mm, uncirculated quality, edge reeded. Mintagage 10 000 pcs.

"The aim of issuing these coins is, above all, to improve the investment climate of the country, develop the precious metals market and provide additional instruments for saving investors’ funds,” noted Viktor Nesterenko.

According to him, this new banking product will become a good alternative for saving funds in the foreign currency and a reliable store of value as precious metals have fair value. Under a developed investment coins market, they would play a role of one of the most important instrument for regulating money circulation.

The keynote speaker emphasized that the prices for investment coins are lower than those for commemorative coins, which is determined by lower production costs owing to a large mintage, much lower quality of coinage and simplified packaging.

"Transactions on purchase-sale of investment coins in accordance with international practice are carried out at the price of the precious metal (LME), which is accompanied by adding up a small margin. Under current practice, VAT is not imposed on transactions on purchase-sale of investment coins,” said Viktor Nesterenko.

The General Department of Money Circulation Regulation and Mint have resolved all the issues related to issuing investment coins. In this connection, the relevant regulatory documents, which will regulate the procedure for issuing investment coins and carrying out transactions with investment coins, have been elaborated.

We would like to remind you that investment coins are coins made of precious metals (gold, silver, and platinum) affined to the highest international standards, which are legal tender of Ukraine and issued regardless of themes, being unlimited in mintage. The face value of investment coins is much lower than the value of a precious metal contained in the coins, which makes it inexpedient to use them as legal tender, thereby turning them into the investment and hoarding object.

The coins can be bought by Ukraine’s local currency, hryvnia, through the branch network of the banks to be selected by the centralbank .
 
They argued that selling gold directly by the central banks will increase market supply and reduce price.
 
Ukraine’s gold consumption is very low compared to some other nations in the region and because of the specificity of the it’s market the price between buying and selling of precious bullions in banks may stand at 20%. – Bullion Street

Source of information: National Bank of Ukraine www.bank.gov.ua