• Short Summary

    The International Monetary Fund began selling off one-sixth of its gold stocks on Wednesday (2 June) as part of a four-year programme to dispose of 25 million ounces to help finance the trust fund.

  • Description

    The International Monetary Fund began selling off one-sixth of its gold stocks on Wednesday (2 June) as part of a four-year programme to dispose of 25 million ounces to help finance the trust fund.
    The fund is designed to make money available at extremely low interest rates to the poorest of developing nations to help them clear any deficits in their balance of payments.
    The IMF offered 780,000 ounces for sale on Wednesday and early indications were that the bidding had attracted widespread interest among market professionals.
    Prospective buyers offered sealed bids and these were opened and checked by fund officials.
    Under the bid method chosen by the executive committee, all the successful bidders will pay the same price for the gold no matter what their bid. The price will be the lowest bid accepted by the fund.
    It is thought the auction would provide the money to start the trust fund operating.

  • Tags

  • Data

    Film ID:
    VLVADX0X28S8IJDUZ7YYDT2YUFVVL
    Media URN:
    VLVADX0X28S8IJDUZ7YYDT2YUFVVL
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    04/06/1976
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:29:00
    Time in/Out:
    /
    Canister:
    N/A

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