The Task Force is expected to submit a report to the Forum's 2023 annual meeting which will then be approved by our members and submitted to the 39th Ministerial Session of the COMCEC.

The related decisions taken at the 16th Meeting of the OIC Exchanges:

The Forum mandates the Task Force on Precious Metals to continue to facilitate the assessment of the feasibility of the BIGA business model to operate in a multi-national setting among OIC member states with the ultimate aim of establishing a Gold Exchange.

The related decision taken at the 37th 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, the assessment of the feasibility of the business model and report to the 38th COMCEC Ministerial Session.

Invites the interested member states to actively support Forum’s Task Force on Precious Metals 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-COMCEC 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.

The Task Force is in progress towards achieving its goals.