Bangladesh buys 10 metric tons of Gold from IMF
By Siddharthan Meganathan | September 10, 2010 1:47 AM EDT
The International Monetary Fund (IMF), said on Thursday that it had sold 10 metric tons of precious yellow metal to the Central Bank of Bangladesh.
The sale was conducted on the basis of market prices prevailing on September 7, 2010 with proceeds equivalent to $403 million.
As of end July 2010, a further 88.3 metric tons had been sold under the on-market sales announced in February 2010. The IMF's executive board on September 18, 2009, approved the sale of 403.3 tons, which represent one-eighth of the IMF's total holdings, of bullion as part of a plan to shore up its finances and lend at reduced rates to low-income countries.
The IMF sold 200 metric tons to the Reserve Bank of India, 2 metric tons to the Bank of Mauritius and 10 metric tons to the Central Bank of Sri Lanka in November 2009, a total sales to official holders of 212 metric tons of the yellow metal, the IMF said.
The IMF held a total of 3,005.3 metric tons of gold at designated depositories at end January 2010. The IMF’s total gold holdings are valued on its balance sheet about $6.9 billion on the basis of historical cost. As of February 1, 2010, the IMF's holdings amounted to $105.0 billion at current market prices.
By Siddharthan Meganathan | September 10, 2010 1:47 AM EDT
The International Monetary Fund (IMF), said on Thursday that it had sold 10 metric tons of precious yellow metal to the Central Bank of Bangladesh.
The sale was conducted on the basis of market prices prevailing on September 7, 2010 with proceeds equivalent to $403 million.
As of end July 2010, a further 88.3 metric tons had been sold under the on-market sales announced in February 2010. The IMF's executive board on September 18, 2009, approved the sale of 403.3 tons, which represent one-eighth of the IMF's total holdings, of bullion as part of a plan to shore up its finances and lend at reduced rates to low-income countries.
The IMF sold 200 metric tons to the Reserve Bank of India, 2 metric tons to the Bank of Mauritius and 10 metric tons to the Central Bank of Sri Lanka in November 2009, a total sales to official holders of 212 metric tons of the yellow metal, the IMF said.
The IMF held a total of 3,005.3 metric tons of gold at designated depositories at end January 2010. The IMF’s total gold holdings are valued on its balance sheet about $6.9 billion on the basis of historical cost. As of February 1, 2010, the IMF's holdings amounted to $105.0 billion at current market prices.