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"I strongly welcome this transaction with the Reserve Bank of India," Managing Director Dominique Strauss-Kahn said in a statement. "This transaction is an important step toward achieving the objectives of the IMF's limited gold sales program, which are to help put the Fund's finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries."
The transaction, which is in the process of being settled, involved daily sales that were phased over a two week period during October 19-30, 2009, with each daily sale conducted at a price set on the basis of market prices prevailing that day.
The total sales proceeds are equivalent to 6.7 billion dollars or SDR 4.2 billion.
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