PTI

World Gold Council welcomes IMF sale of gold to RBI

Tue, Nov 3 10:41 PM

Mumbai, Nov 3 (PTI) The World Gold Council has welcomed the International Monetary Fund''s sale of 200 tonnes of gold to the Reserve Bank of India (RBI). The quantity represents almost half of the total sales volume of 403.3 tonnes approved by the IMF in September 2009, WGC said in a statement here today.

The transaction is an important step in the IMFs limited gold sales programme designed to help put the Funds finances on a sound long-term footing and enable it to step up concessional lending to the worlds poorest countries. "Gold always plays an important role as a protector of wealth, and in these current times of financial instability, that role has taken on a new-found prominence," WGC Chief Executive Officer Aram Shishmanian said.

"The IMF has clearly indicated its preference to sell the entire 403 tonnes to other official sector institutions, rather than over an extended period of time via CBGA3 (Central Bank Gold Agreement)," he said. .

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