Press Release: IMF Statement on the Renewal of the Central Bank Gold Sales Agreement
IMF News, August 7, 2009
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- Press Release: IMF Statement on the Renewal of the Central Bank Gold Sales Agreement
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- Published: August 7, 2009
Summary of the statement
- Mr. Murilo Portugal, Acting Managing Director of the International Monetary Fund (IMF), issued the statement on August 7, 2009.
- The IMF welcomed the joint statement by the European Central Bank and other central banks renewing their agreement on gold sales.
Terms of the renewed central bank agreement (as reported)
- Sales are not to exceed 400 metric tons annually.
- Sales are not to exceed 2000 tons over the five year period of the agreement.
IMF-specific gold sale information
- The announcement notes that sales of 403 tons of gold by the IMF can be accommodated within the above ceiling.
- The IMF plans a strictly limited gold sale of 403 tons (one-eighth of total Fund holdings).
- It has been agreed by the membership that the Fund’s sales should not add to the announced volume of sales from official sources.
Governance and next steps
- The Executive Board has yet to take a formal decision approving the IMF gold sale but is expected to consider this issue in the coming months.
International Monetary Fund