PRESS: India to mull leasing gold bought from IMF to shore up rupee . NEW DELHI - India will consider leasing out the 200-tn gold it bought from the International Monetary Fund in 2009 in an attempt to shore up its sagging currency, the Hindu Business Line newspaper reported today. A final decision on this will be taken in September, the report said, quoting finance ministry sources. The gold will be leased in the international market for dollars to revive the rupee, in what appears to be a throwback to the situation in 1991 when India had to airlift its gold reserves as a pledge with the International Monetary Fund for a loan, to avert a balance of payment crisis, the report said. This move can fetch around $23 bln, David Gornall, chairman of the London Bullion Market Association has estimated. The Reserve Bank of India had purchased the gold in November 2009 for $6.7 bln in cash, the report said. End .
Posted on: Wed, 21 Aug 2013 03:19:48 +0000
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