| Date : 03 Nov 2009 |
|RBI purchases Gold under IMF’s Limited Gold Sales Programme |
|The Reserve Bank of India (RBI) has concluded the purchase of 200 metric tonnes of gold from the International Monetary Fund (IMF), under the IMF’s limited gold sales programme. This 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.
Chief General Manager
Press Release: 2009-2010/653