IMF Sells Gold Reserves

The International Monetary Fund has approved the sale of 403.3 tonnes of IMF gold reserves, in a financial overhaul which is hoped to boost its coffers. Governors from 176 of the Fund's 185 member countries cast votes to sell the gold, in order to create an endowment to helps provide a steadier source of income to the international organisation. The new income and expenditure framework is expected to cover a 400 million-dollar shortfall projected in the medium term.
Click Here For The Full Story......

Posted by Editor at May 8, 2008 07:30 AM