IMF Announces Sale of 10 Metric Tons of Gold to the Central Bank of Sri Lanka
November 25, 2009
The International Monetary Fund (IMF) announced today the sale of 10 metric tons of gold to the Central Bank of Sri Lanka. The sale was conducted on the basis of market prices prevailing on November 23, 2009 with proceeds equivalent to US$375 million (SDR 234 million). This transaction is part of the total sales of 403.3 metric tons approved by the Executive Board in September 2009 , and it adds to the total of 202 metric tons already sold to the Reserve Bank of India and the Bank of Mauritius .
As previously announced , in accordance with the guiding principle of avoiding disruption of the gold market, the IMF’s Executive Board adopted modalities for the gold sales consistent with guidelines it had earlier established. In particular, the Fund is standing ready for an initial period to sell gold directly to central banks and other official holders that may be interested in such sales. Thereafter, on-market sales of any amounts remaining from the 403.3 tons would be conducted in a phased manner over time, following the approach adopted successfully by central banks participating in the Central Bank Gold Agreement.
As previously indicated, the Fund will inform markets before any on-market sales commence, and will report regularly to the public on progress with the gold sales.
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