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Sri Lanka buys 10 tonnes of gold

WeissWeiss Posts: 9,941 ✭✭✭✭✭
in Precious Metals
It was the third IMF sale of gold in a month as the Washington-based institution seeks to reduce its dependence on lending revenue and bolster its finances amid the global economic crisis.

Sri Lanka "diversify's its reserves" amid volatile currency markets but refused to reveal from which sources the bank was buying the gold or at what prices.
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Comments

  • FountainheadFountainhead Posts: 956
    This is legal? I thought countries were forbidden from borrowing from the IMF in order to buy gold.
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  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    Sri Lanka has the 78th largest GDP in the world. Behind such notables as Oman and the Dominican Republic. In comparison California would be number 8 if they were a country. That's a 'ton' of gold for a relatively small and poor country. MJ
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