The International Monetary Fund (IMF) has announced that it has completed the sale of over 403 tons of gold as part of a two-year plan to improve its financial position.
Although no details were released following the conclusion of the final sales agreement, the IMF had previously announced the sale of 200 metric tons of gold to India, and ten tons each to Mauritius, Šri Lanka, and Bangladesh. The value of the agreements amounts to approximately $7.6 billion, according to the IMF. IMF member countries decided in 2008 that the fund, whose gold reserves are among the largest in the world, could sell about one-eighth of its reserves for the purpose of diversifying its business model to reduce its dependence on lending activities. (H)
