-Caveat Lector-
IMF official says central banks could buy IMF gold
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Updated 1:35 PM ET July 26, 1999
WASHINGTON (Reuters) - Central banks, even those which have been selling
gold, could buy gold from the International Monetary Fund so IMF actions to
fund debt relief do not unsettle the market, a senior IMF official said
Monday.
IMF Deputy Managing Director Alassane Ouattara told Reuters that central
banks could also abstain from additional open market gold sales as part of a
package to fund debt relief programs. "I feel that there is a consensus that
the sale of gold should not affect the world market," he said.
The IMF, seeking ways to pay for debt relief and for low-interest loans for
poor countries which have agreed to follow IMF-sponsored programs of economic
reform, wants to dispose of 10 million ounces of gold -- just under 10
percent of its 103-million-ounce stockpile.
But the idea has hit bitter opposition from the U.S. Congress, which must
approve the sales, and from gold producing countries which fear that the
price will fall.
"I believe that everything should be done not to penalize the developing
countries which are gold producers and which have a large majority of their
populations in poverty, like South Africa, Ghana, Mali and others," Ouattara
said, noting that these countries were not eligible for debt relief.
"I believe that many central banks in Europe, like in Asia and the Middle
East would be happy to diversify their portfolio by holding gold reserves. I
want central banks to participate in the process."
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