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From Reuters
Monday, April 4, 2005
http://www.reuters.co.za/locales/c_newsArticle.jsp?
type=businessNews&localeKey=en_ZA&storyID=8074827
FRANKFURT -- The International Monetary Fund should not sell or
revalue its gold reserves to fund debt relief for poor countries,
Germany's Bundesbank said on Monday.
A Bundesbank spokesman confirmed that a document quoted in the
Frankfurt Allgemeine Zeitung on Monday warning about the
consequences of using gold reserves for development aid is the
official position of Germany's central bank.
According to the four-page internal document, the newspaper said,
the Bundesbank is opposed to any sale or revaluation of the IMF's
103.4 million ounces of gold reserves, valued on its books at around
$9 billion but worth about $42.3 billion at today's prices.
"We have always indicated the IMF is not a development organisation
and that its general reserves, which come from central bank stocks,
should not be used for development aid," the document was quoted as
saying.
Finance chiefs of the Group of Seven nations have asked IMF Managing
Director Rodrigo Rato to report this month on the British proposal
to use gold stocks to cancel debts of the world's poorest nations.
The United States, the biggest holder of gold bullion, is opposed to
the plan. Germany's government has said it remains open to using IMF
gold reserves for aid.
The Bundesbank said the high unrealised gains of the IMF's reserves
were important to give extra security to IMF creditors and allowed
donor countries to give additional resources.
"A continuing erosion of the unrealised gains must inevitably have
negative consequences for the future financing ability of central
banks," the document said.
"If this proposal goes ahead, it raises fears that the whole
unrealised value of the gold reserves could be used up within a few
years."
The IMF has said 13 to 16 million ounces of gold could be sold
without disrupting markets.
The Bundesbank announced in December it would sell just eight tonnes
of its quota of 120 tonnes of gold in the first year of the five-
year accord among European central banks.
The European Central Bank sold 47 tonnes of gold last week, the
first time it has sold gold reserves.
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