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More gold to go on sale

The Swiss National Bank has released plans of the next stage of its gold sale. It says it will put a further 200 tonnes of gold on the market by the end of September 2001. Half will be sold by March next year.

This content was published on September 27, 2000 - 09:53

The sale is part of a coordinated move by 15 European Central Banks and conforms to the government's new currency and payments law which came into effect on May 1.

By the end of this month, the SNB will have already sold around 120 tonnes of gold.

Over the next few years, the central bank aims to sell around half its gold supplies or 1,300 tonnes, following a decision to drop the gold standard.

The Basel-based Bank for International Settlements is organising the transactions which are being carried out gradually to avoid destabilising prices for the precious metal.

swissinfo with agencies



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