19 Sep 2009

Gold sale to be held by IMF

1:04 pm on 19 September 2009

The International Monetary Fund has approved the sale of a limited amount of gold, mainly to boost its ability to lend to poor countries.

In a statement issued after a meeting of its executive board in Washington on Friday, the agency said just over 400 metric tonnes of its gold reserves would be sold.

The BBC reports it would be done without disrupting the world market.

IMF head Dominique Strauss-Kahn said the sale will also put the agency's finances on a sound long-term footing.