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.
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