Mauritius buys 2 metric tons of gold

enlightened1

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WASHINGTON: The African nation of Mauritius has bought two metric tons of gold from the International Monetary Fund for nearly $72 million.
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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 $71.7 million, the IMF said.

Early this month, the Reserve Bank of India had announced buying 200 metric tons of gold from the IMF for $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.
 

bengalraider

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It's nice to see mauritius doing it's part to help the IMF fund african projects.What's the GDP of mauritius and has mauritius ever held gold in the past?
 

enlightened1

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It's nice to see mauritius doing it's part to help the IMF fund african projects.What's the GDP of mauritius and has mauritius ever held gold in the past?
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Mtius has a total GDP (nominal) of $8.738 billion
...Mauritius' central bank said its gold holdings will reach 5.69 percent of its total foreign exchange reserves after the purchase, from 2.34 percent at end of October 2009.

"The purchase of two tonnes of gold from the IMF is only a reserve management operation and has nothing to do with speculation," Jaywant Pundhoo, Head of Financial Market Operation Division of the Bank of Mauritius, told Reuters....

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