Task Forces

Task Force on Precious Metals

Agenda

The Task Force is expected to submit a report to the Forum's 2021 annual meeting which will then be approved by our members and submitted to the 37th Ministerial Session of the COMCEC.

Context

The related decision taken at the 14th Meeting of the OIC Exchanges:

The Forum mandates the Task Force on Precious Metals to cooperate with OIC Central Banks Forum and other relevant institutions to utilize blockchain based BiGA (One Gram Gold) digital gold transfer system among OIC countries. The Forum welcomes BiGA to enable fast, reliable and cost effective transfer of gold among OIC countries on 24 hours/7 days basis which is a major step towards realization of OIC Gold Exchange project. The Forum invites relevant institutions of OIC member states to actively support Forum’s Task Force on Precious Metals.

The related decisions taken at the 36th COMCEC Ministerial Session:

Takes note of the briefing by Secretariat of the OIC Exchanges Forum on the efforts towards establishing OIC Gold Exchange among the volunteering Member States and requests the Forum’s Secretariat to advance the technical preparations for the establishment of the OIC Gold Exchange and report to the 37th COMCEC Session and Follow-up Committee Meeting.

Invites the interested member states to actively support Forum’s Task Force on Precious Metals through, among others, by finding counterparts and designating focal points in their respective countries to lead the OIC Gold Exchange Project.

Also invites all Exchanges Central Banks, OIC Central Banks Forum, and other relevant parties of interested Member States to contribute to the formulation of the business model for a well-functioning OIC Gold Market.

Coordinator

Borsa İstanbul

Current Status

The Task Force is in progress towards achieving its goals.