21
September
IMF approves sale of some of its gold
21 September 2009 Yahoo News
The International Monetary Fund approved on Friday the sale of a limited amount of its gold to help provide loans to poor countries and shore up its finances.
The fund's executive board said it decided to sell "a volume strictly limited to 403.3 metric tons" -- one-eighth of its holdings -- in a way that does not disrupt the sale of gold in commodity markets, which already were expecting the sale and discounted the IMF decision.
The IMF, a 186-nation Washington-based lending organization, is the third-largest official holder of gold in the world, with 3,217 metric tons, after the United States and Germany.
The board said the IMF could sell its gold directly to its members' central banks if any were interested or it could put the gold on the open market in phases.
http://finance.yahoo.com/news/IMF-approves-sale-of-some-of-apf-1368227552.html?x=0&.v=5
