7
July
European banks use gold reserves to raise cash
7 July 2010 The Financial Times
European commercial banks have begun using their holdings of gold to raise cash with the Bank for International Settlements, in a further sign of strains in the money markets on which many rely for funding.
The BIS, the so-called “central banks’ central bank”, took 346 tonnes of gold in exchange for foreign currency in “swap operations” in the financial year to March 31, according to a note in its latest annual report.
http://www.ft.com/cms/s/0/e3ed5836-8949-11df-8ecd-00144feab49a.html
