Business Daily from THE HINDU group of publications
Tuesday, November 3, 2009
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Business Daily from THE HINDU group of publications Tuesday, November 3, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Update at 1120 hrs (IST)
Markets RBI buys gold from IMF for $6.7 b WASHINGTON: The Reserve Bank of India (RBI) has bought 200 tonnes of gold from the International Monetary Fund for about $6.7 billion. The IMF targets to sell about 403.3 tonnes of gold to shore up its finances so that it can lend money to the poorest countries at concessional rates. “This transaction is an important step toward achieving the objectives of the IMF’s limited gold sales programme, 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 poor est countries,’’ the IMF Managing Director, Mr Dominique Strauss-Kahn, said. The transaction, which is still in the process of being settled, was carried out on a daily basis over a period of two weeks from October 19-30. Each daily sale was conducted at a price set on the basis of market prices prevailing that day. “The total sales proceeds are equivalent to $6.7 billion or SDR 4.2 billion,’’ the IMF said. As per IMF rule, all gold sales must be conducted at prices based on market prices, including direct sales to official holders as in the case of this transaction. — PTI
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