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India has purchased gold worth $6.7-billion from the international lender, International Monetary Fund, which amounts to half the sale that was approved in September.
The IMF has disclosed that about 200 tonnes of gold were sold to the Reserve Bank of India over two weeks from Oct 19 till Oct 30. The executive board of IMF had given the approval for selling about 403.3 tonnes of gold to India, which form one eighth of the net gold reserves of the crises-lender.
According to IMF Managing Director Dominique Strauss-Kahn, the sale is an "important step" in the efforts being adopted by IMF to boost the lending programmes for poor nations.
IMF also mentioned that the sales took place according to the market prices.
