Press Release: IMF Announces Sale of 2 Metric Tons of Gold to the Bank of Mauritius
IMF News, November 16, 2009
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- Press Release: IMF Announces Sale of 2 Metric Tons of Gold to the Bank of Mauritius
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Bibliographic details
- Published: November 16, 2009
Transaction details
- The International Monetary Fund announced the sale of 2 metric tons of gold to the Bank of Mauritius.
- The sale was conducted on the basis of market prices prevailing on November 11, 2009.
- Proceeds were equivalent to US$71.7 million (SDR 44.7 million).
Context within approved gold sales
- This transaction is part of the total sales of 403.3 metric tons approved by the Executive Board in September 2009 (Press Release No. 09/310).
- It adds to the 200 metric tons already sold to the Reserve Bank of India (Press Release No. 09/381).
Sales modalities and market conduct
- Guiding principle: "avoiding disruption of the gold market."
- The IMF’s Executive Board adopted modalities for the gold sales consistent with guidelines it had earlier established.
- Initial period: the Fund is standing ready to sell gold directly to central banks and other official holders that may be interested in such sales.
- Subsequent phase: any amounts remaining from the 403.3 tons would be sold on-market in a phased manner over time, following the approach adopted by central banks participating in the Central Bank Gold Agreement.
Reporting and communication commitments
- The Fund will inform markets before any on-market sales commence.
- The Fund will report regularly to the public on progress with the gold sales.
Press Release No. 09/413 — November 16, 2009