Friday, 19th November 2004 (2747 views)

The Bank of France has announced that it is to sell gold from its reserves.

The French Finance minister Nicolas Sakozy and the governor of the Bank of France Christian Noyer have now finalised discussions on the sale of a portion of France's gold reserves.

As well as the sale, there will also be an increase in cash reserves and the rate for gold sales will be determined by Mr Noyer, according to Associated Press.

It has been confirmed that the bank will sell 500 to 600 tonnes of the 3,000 tonnes of gold it keeps in vaults underneath headquarters in Paris.

Gold reserves will be sold over the next five years, according to the Finance Ministry.

It is claimed that at the end of five years profit will reach over €200 million per year in interest which will help finance long term employment and reduce debt.

 

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