Varuna D Jani presents the festive range

It includes jewellery from her VOW and Bridal range.

Post By : IJ News Service On 11 October 2013 2:18 PM
The International Monetary Fund (IMF) has sold 200 tonnes of gold to the Reserve Bank of India, as reported by the World Gold Council. The said sales volume represents almost half of the total sales volume of 403.3 tonnes approved by the IMF in September 2009, as reported. It is part of the IMF’s limited gold sales programme, designed to help put the Fund’s finances on a sound long-term footing and enable it to step up concessional lending to the world’s poorest countries. %% Aram Shishmanian, Chief Executive Officer, World Gold Council, said: “Gold always plays an important role as a protector of wealth, and in these current times of financial instability, that role has taken on a newfound prominence. The fact that these sales will effectively rescue the IMF from a difficult situation regarding its own finances is proof of gold’s unique investment characteristics, long-recognised by central bankers and institutional and individual investors alike. %% “The IMF has clearly indicated its preference to sell the entire 403 tonnes to other official sector institutions, rather than over an extended period of time via CBGA3. In light of this, and the well-publicised concerns of many central banks over the level of their exposure to the US dollar, further off-market transactions must be a clear possibility.” %% The sale to the RBI raised US$6.7 billion, and was executed at market prices, in line with the IMF’s Articles of Agreement. The sale took place in accordance with the stated commitment of the IMF to follow the recommendations of The Crockett Report of 2007 and ensure that its gold sales do not disrupt the smooth functioning of the gold market. The Crockett Report was the first to propose that the IMF should adopt a new income model, including the establishment of an endowment, funded by the proceeds of limited and structured gold sales. At the recent G-20 Leaders Summit in April 2009, heads of state proposed to use additional resources from the gold sales to provide an extra US $4 billion for poor and indebted countries over the next two to three years. %% World Gold Council believes it is imperative that the organisation continues to hold large gold reserves and acknowledges the IMF’s public declarations that: “The IMF should continue to hold a relatively large amount of gold among its assets, not only for prudential reasons, but also to meet unforeseen contingencies.”

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