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The International Monetary Fund said it will start selling 191.3 tons of gold in the open market. A high degree of transparency will continue during the sales of gold, the Washington-based lender reported Wednesday.
The Executive Board of the IMF had approved gold sales totaling 403.3 metric tons in September 2009. The fund has already sold over half that amount to several central banks. Now, the fund plans to sell the remaining 191.3 tons of gold. The sale of the full 403.3 metric tons would reduce the IMF's gold holdings by about one-eighth. The IMF will continue to hold a substantial portion of its assets in gold.
Andrew Tweedie, Director of the IMF's Finance Department said, "The top priority in conducting the gold sales is to avoid disruption to the gold market." "Now the IMF will begin sales of the remaining gold on the market. This will be done in a phased way," added Tweedie.
In October 2009, the IMF sold 200 tons of gold to the Reserve Bank of India. The transaction generated proceeding equivalent to US$6.7 billion or SDR 4.2 billion. Thereafter, sales of gold to the Bank of Mauritius and the Central Bank of Sri Lanka were each conducted on a single day, November 11 and 23, respectively.
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