BUSINESS INFORMATION - The International Monetary Fund (IMF) Monday announced the sale of 200 tonnes of gold valued at 6.7 billion dollars to India's central bank for IMF financial support.
Gold sales to India is almost half the amount that the IMF has targeted to be sold in coming years.
The IMF said the transaction was in the process to complete, involves the gradual daily sales in the period of two weeks during 19-30 October.
Each daily sales made at prices set according to the prevailing market price on that day, he said, according to the documents establishing the institution.
The IMF, based in Washington currently holds 3217 tons of gold, is the official holder of the precious metal's third largest after the United States and Germany.
On September 18, the executive council approved the sale of 403.3 tons of gold, about one-eighth of the current ownership, but make sure it would do in a way that would not disrupt the gold market.
Based on the plan, the IMF offers to sell gold directly to the central banks or other holders of the official sector if there are interested in being such holders. "
If the formal request is not sufficient, the IMF says could make gold sales "in the market gradually over time," consistent with the approach already followed by the central bank.
The IMF will limit the overall limit has been agreed by central banks, which began on 27 September, 400 tons per year for five years.
IMF Monday repeated its commitment to inform the market before the sale begins in the market. Besides the financial institutions that have made the sale of gold a key element of the new revenue model that aims to reduce its dependence on the acceptance of a loan to cover expenses.
Group of 20 key developed and developing countries, at their summit meeting in London last April the IMF gold sales agreed to allow to offer better loan conditions for poor countries.
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