World Gold Council Welcomes Sri Lankan Allocation To Gold

Fri. November 06, 2009; Posted: 10:12 AM

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NEW YORK, Nov 06, 2009 /PRNewswire via COMTEX/ -- BKIAF | Quote | Chart | News | PowerRating -- The World Gold Council is delighted to note that the Central Bank of Sri Lanka has announced that it is buying gold to diversify its reserves. The move comes hot on the tail of the Reserve Bank of India's purchase of 200 tonnes of gold from the IMF on Monday and the announcement in April of this year by the China's State Administration of Foreign Exchange (SAFE) that the country's gold reserves had risen from 600 tonnes in 2003 to 1,054 tonnes.

Aram Shishmanian, Chief Executive Officer, World Gold Council, said:

"Over the past year central banks, which have been net sellers of gold are now a new and increasingly important source of demand. This latest announcement demonstrates that many central banks are reassessing their reserve asset management policies, both in traditional "over weighted" countries, as well as the key Asian central banks.

"As the dollar continues to weaken and central bankers around the world realise the continuing importance of gold in providing economic stability, the confidence that an allocation to gold increases the risk-weighted returns of their reserve asset portfolios will increase. We believe more central banks in Asia and beyond will now announce increased allocations to gold."

On Monday the International Monetary Fund announced that it had completed the sale of 200 tonnes of gold to the Reserve Bank of India. This amount represents almost half of the total sales volume of 403.3 tonnes approved by the IMF in September 2009.

The transaction is an important step in the IMF's limited gold sales program, which is designed to help put the Fund's finances on a sound long-term footing and enable it to step up concessional lending to the world's poorest countries.

For further Information:

Matt Graydon, Director, Corporate Communications, World Gold Council, on + 44 (0)207 826 4716, or e-mail: matt.graydon@gold.org

George Milling-Stanley, Managing Director, Government Affairs, World Gold Council, on +1 212 317

3848, or email george.milling-stanley@gold.org

Notes to Editors:

World Gold Council

World Gold Council's mission is to stimulate and sustain the demand for gold and to create enduring value for its stakeholders. It is funded by the world's leading gold mining companies. For further information visit www.gold.org.

SOURCE World Gold Council

http://www.gold.org

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