“The Indian government is deliberating whether or not to lease the 200 tonnes of gold it bought from the International Monetary Fund in the international market to earn dollars. The Reserve Bank of India (RBI) purchased the gold from the IMF for an estimated price of around $6.70 billion in 2009, and under the IMF’s limited gold sales programme. ‘The deal was misinterpreted by many at that time, that it could further inflate the gold price. [..] India’s purchase of gold was a reserve management strategy,” a banking official told Mineweb. He added that globally, central banks were showing an increased interest in diversifying their holdings, to protect against a slumping dollar.”
http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=201866&sn=Detail
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