International Monetary Fund to sell one-eighth of gold reserves
10:37, 19 September 2009
WASHINGTON. September 19. KAZINFORM The International Monetary Fund (IMF) will sell one-eighth of its gold reserves and the money raised will in part be used to assist low-income countries, the IMF said; Kazinform refers to RIA Novosti.
"The Board approved the sale of up to 403.3 metric tons, or about one-eighth of the Fund's total gold holdings. The proceeds will help finance a new income model for the IMF, making the 186-member institution less dependent on its lending revenue to cover expenses," the global financial institution said; Kazinform cites RIA Novosti.
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