Mauritius buys two metric tons of gold from IMF

Last Updated: Tuesday, November 17, 2009 - 12:48

Washington: The African nation of Mauritius
has bought two metric tons of gold from the International
Monetary Fund for nearly USD 72 million.

Sale of two metric tons of gold to the Bank of Mauritius,
which is the central bank of Mauritius, was conducted on the
basis of market prices prevailing on November 11 with proceeds
equivalent to USD 71.7 million, the IMF said.

Earlier this month, the Reserve Bank of India had announced
buying 200 metric tons of gold from the IMF for USD 6.7 billion.

This transaction is part of the total 403.3 metric tons
sales approved by the IMF Executive Board in September and
adds to the 200 metric tons already sold to the Reserve Bank
of India.

The money, thus generated would be used by the IMF to
fund projects in Africa and other third world countries.

Bureau Report



First Published: Tuesday, November 17, 2009 - 12:48

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