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Summary
The International Monetary Fund says it will sell 200 tonnes of gold to the Reserve Bank of India for $6.7 billion, reported Dunya News. IMF says that issues are being settled regarding gold sale, adding that it will be sold in a way that international markets gold prices are not affected due to it. This transaction is an important step toward achieving the objectives of the IMF's limited gold sales program, which are to help put the fund's finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries, the IMF's managing director, Dominique Strauss-Kahn, said in a statement. IMF has reservoirs of 3270 tonnes of gold and its executive board has approved to sell 403.3 tonnes gold on September 18.
