Washington, DC (BBN)– The International Monetary Fund (IMF) has announced the sale of 10 metric tons of gold to the Bangladesh Bank, the central bank of Bangladesh.

The sale was conducted on the basis of market prices prevailing on September 7 this year  with proceeds equivalent to US$403 million (SDR 266 million), an IMF announcement said on Thursday.

This transaction is part of the total sales of 403.3 metric tons approved by the Executive Board in September 2009, and it adds to the total sales to official holders of 212 metric tons made to the Reserve Bank of India, the Bank of Mauritius, and the Central Bank of Sri Lanka.

As of end July 2010, a further 88.3 metric tons had been sold under the on-market sales announced in February 2010.

As previously announced, the initiation of on-market sales in February does not preclude further off-market gold sales directly to interested central banks or other official holders. Such sales reduce the amount of gold to be sold on the market, with a reduction of 10 metric tons in the case of this sale to the Bangladesh Bank.

As previously indicated, the IMF will report regularly to the public on progress with the gold sales.

BBN/SI/AD-10Sept10-6:10 pm (BST)