The Reserve Bank of India (RBI) today said that it had concluded the purchase of 200 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,” the central bank said in a statement this morning.
On September 18, to increase the availability of resources for lending to low-income countries, the executive board of IMF had announced its decision to sell 403.3 tonnes of gold as a central element of its New Income Model . It had also decided that the initial offer for the sale of gold would be directly to official holders, including central banks.
Great Job, one of the most wise decision taken by the Govt. We are going to see a huge currency crises in few months! Dollar will loose a lot of its value! It was a wise decision (Bravo Mr. Singh, Mr. Pranab, Mr. Rao). If we had not done this India would have been left with a huge amount of value less dollar in our foreign exchange reserve. Central Banks all over the world are printing notes to come out of recession. Value for paper money, is bound to diminish! A Country who has maximum amount of Gold reserve will be the safest, when the next currency crash hit us!
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