IMF Completes First Off-Market Gold Sale

[Robert Weissman <rob@essential.org>]

 News Brief No. 99/84 
 December 17, 1999 

International Monetary Fund

700 19th Street, NW

Washington, D.C. 20431 USA



                         IMF Completes First Off-Market Gold Sale 

As part of the previously announced financing for debt relief and
financial support for the world's poorest nations (see News
Brief No. 99/62), the International Monetary Fund (IMF) completed the
first off-market gold sale on December 14, 1999.

"We sold slightly more than 7 million ounces of gold to Brazil," said IMF
Treasurer Eduard Brau, "and accepted it back
immediately from Brazil for payment of an obligation due the same day.
Thus, the gold did not enter the market." The IMF
retained about SDR 250 million on its own account as required by the
Articles of Agreement. The remainder of the
proceedsSDR 1.2 billion (about US$1.6 billion)was invested with the Bank
for International Settlements to generate
income for the Heavily Indebted Poor Countries (HIPC) Initiative. 

The next sale, which will amount to about 655,000 ounces, will be
completed on Friday, December 17, 1999.



                              IMF EXTERNAL RELATIONS DEPARTMENT
                              Telephone: 202-623-7300  Fax: 202-623-6278