Press Release: IMF to Begin On-Market Sales of Gold

IMF News, February 17, 2010

Source details

Press Release No. 10/44 dated February 17, 2010.
The International Monetary Fund (IMF) announced it will shortly initiate the on-market phase of its gold sales program.

Total approved sale: 403.3 metric tons (approved by the Executive Board in September 2009; see Press Release No. 09/310).
Phase 1: off-market sales to official holders only.
- Total sold in phase 1: 212 metric tons.
- Buyers in phase 1 included:
- Reserve Bank of India (see Press Release No. 09/381).
- Bank of Mauritius (see Press Release No. 09/413).
- Central Bank of Sri Lanka (see Press Release No. 09/431).
Remaining to be sold (on-market phase): 191.3 metric tons.

On-market sales will be conducted in a phased manner over time to avoid disruption of the gold market.
The approach follows the practice adopted by central banks participating in the Central Bank Gold Agreement.
Participants in that agreement have noted the Fund’s sales can be accommodated under the agreed ceilings of 400 tons annually and 2,000 tons in total during the five years starting on September 27, 2009.

Initiation of on-market sales does not preclude further off-market gold sales directly to interested central banks or other official holders.
Any additional off-market sales would reduce the amount of gold to be sold on the market.

The IMF will continue to provide regular updates on progress with the gold sales through its normal reporting channels.

Press Release: IMF to Begin On-Market Sales of Gold — February 17, 2010