## Press Release: IMF Announces Sale of 200 metric tons of Gold to the Reserve Bank of India

_IMF News, November 2, 2009_

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**Canonical URL:** [Press Release: IMF Announces Sale of 200 metric tons of Gold to the Reserve Bank of India](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr09381)

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## Bibliographic details
- Published: November 2, 2009

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### Transaction details
- The International Monetary Fund announced the sale of 200 metric tons of gold to the Reserve Bank of India.
- This amount represents almost half of the total sales volume of 403.3 metric tons that was approved by the Executive Board in September (see Press Release No. 09/310).
- The transaction was in the process of being settled and involved daily sales phased over a two week period during October 19-30, 2009.
- Each daily sale was conducted at a price set on the basis of market prices prevailing that day.

### Financial proceeds and pricing
- Total sales proceeds are equivalent to US$ 6.7 billion or SDR 4.2 billion.
- Under the Fund’s Articles of Agreement, all gold sales must be conducted at prices based on market prices, including direct sales to official holders as in this transaction.

### Objectives and rationale
- Managing Director Dominique Strauss-Kahn: “This transaction is an important step toward achieving the objectives of the IMF’s limited gold sales program, which are to help put the Fund’s finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries” (see Press Releases No. 08/74 and No. 09/268).

### Modalities and market conduct
- The Executive Board adopted modalities for the gold sales consistent with previously established guidelines, emphasizing the guiding principle of avoiding disruption of the gold market.
- Initial period: the Fund is standing ready to sell gold directly to central banks and other official holders that may be interested.
- Thereafter: 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.
- The Fund will inform markets before any on-market sales commence and will report regularly to the public on progress with the gold sales.

*Press Release No. 09/381, November 2, 2009.*

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## References

- [India and the IMF](http://www.imf.org/external/country/IND/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Press Release No. 09/310](https://www.imf.org/external/np/sec/pr/2009/pr09310.htm)
- [No. 08/74](https://www.imf.org/external/np/sec/pr/2008/pr0874.htm)
- [No. 09/268](https://www.imf.org/external/np/sec/pr/2009/pr09268.htm)
- [http://www.imf.org/external/np/exr/faq/goldfaqs.htm](https://www.imf.org/external/np/exr/faq/goldfaqs.htm)
- [http://www.imf.org/external/np/exr/facts/gold.htm](https://www.imf.org/external/np/exr/facts/gold.htm)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr09381_