The International Monetary Fund(IMF)has sold 200 tones of gold to reserve bank of India for $6.8 billion that is about 1/8 of its total stock.The deal will increase India gold holding to tenth largest among central banks.
Gold prices has jumped as high as $1077,a record in future trading.Under the Fund's Articles of Agreement, all gold sales must be conducted at prices based on market prices, including direct sales to official holders as in the case of this transaction with India, the IMF said.
According to IMF the money collected through this will be used to concessional lending to the world poorest nations.
No comments :
Post a Comment