Press Release No. 09/280

Press Release No. 09/280
August 7, 2009

Mr. Murilo Portugal, Acting Managing Director of the International Monetary Fund (IMF), made the following statement today:

“The IMF welcomes the joint statement by the European Central Bank and other central banks renewing their agreement on gold sales, which are not to exceed 400 metric tons annually and 2000 tons over the five year period of the agreement.

“The announcement notes that sales of 403 tons of gold by the IMF can be accommodated within the above ceiling. This announcement is fully consistent with the IMF’s plans for 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.

“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.”