News Brief: IMF Completes First Off-Market Gold Sale
December 17, 1999
As part of the previously announced financing for debt relief and financial support for the world's poorest nations (see News Brief No. 99/62), the International Monetary Fund (IMF) completed the first off-market gold sale on December 14, 1999.
"We sold slightly more than 7 million ounces of gold to Brazil," said IMF Treasurer Eduard Brau, "and accepted it back immediately from Brazil for payment of an obligation due the same day. Thus, the gold did not enter the market." The IMF retained about SDR 250 million on its own account as required by the Articles of Agreement. The remainder of the proceeds—SDR 1.2 billion (about US$1.6 billion)—was invested with the Bank for International Settlements to generate income for the Heavily Indebted Poor Countries (HIPC) Initiative.
The next sale, which will amount to about 655,000 ounces, will be completed on Friday, December 17, 1999.
IMF EXTERNAL RELATIONS DEPARTMENT
| Public Affairs | Media Relations | |||
|---|---|---|---|---|
| E-mail: | publicaffairs@imf.org | E-mail: | media@imf.org | |
| Fax: | 202-623-6278 | Phone: | 202-623-7100 | |