RBI purchases 200 metric tonnes of Gold

By Assam News on November 4, 2009 at 1:24 am

The Reserve Bank of India (RBI) has purchased 200 metric tonnes of gold from the International Monetary Fund (IMF).  India bought nearly half the 403.3 tonnes gold that the IMF offered to sell under it’s limited gold sale programme. This is the first time that RBI, the regulator and supervisor of the financial system in India, has bought such a huge amount of gold globally.

On Tuesday, RBI announced that it had concluded the purchase of 200 metric tonne of gold from the International Monetary Fund (IMF), under the Fund’s limited gold sales programme. According to IMF, the total sales proceeds are equivalent to US$ 6.7 billion or SDR 4.2 billion.The transaction was done as part of the Reserve Bank’s foreign exchange reserves management operations. The purchase was an official sector off-market transaction and was executed over a two week period during October 19-30, 2009 at market based prices.

It may be recalled that the Executive Board of the IMF, on September 18, 2009 announced  its decision to sell 403.3 metric tonnes (or 12,965,649 fine troy ounces) of gold as a central element of its New Income Model and in order to increase its resources for lending to low-income countries. The IMF also decided that the initial offer of the sale of the gold would be directly to official holders, including central banks.

Category: Business | Tags: Business, Gold, IMF, India, Money, News, RBI

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