Mauritius buys IMF gold

Finance

Publishing Date: 19 Nov 2009 5:20pm GMT
Author: Mining Journal

The International Monetary Fund (IMF) has disposed of another 2t (64,000oz) of the 403.3t it previously earmarked for sale. The Bank of Mauritius paid US$71.7 million for the gold.

In October, the Indian Central Bank bought 200t of gold from the fund.

The Mauritius Central Bank said the gold portion of the country’s reserves had remained constant over recent years while overall foreign exchange reserves had increased. This deal has more than doubled the percentage of gold, when compared with total reserves, to 5.7% from 2.3% previously.