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- Aug 14, 2009
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.