Gold selling allegations untrue - CB

Recently, there have been allegations that the Central Bank is planning to sell large quantities of gold from its reserves.

These allegations are malicious and are obviously made by certain interested parties who are attempting to mislead the public that the country's reserves in gold are being sold confidentially in order to enable the Government to meet its expenses, states a Central Bank press release.

The official international reserves of the country are managed by the Central Bank and held as foreign currency balances in reputed international banks overseas, foreign currency denominated instruments and gold.

The Bank conducts transactions with foreign counterparts in all foreign assets, including gold, as a part of its international reserve management operations. These transactions are done in accordance with the Monetary Law Act.

With the recent sharp increase in the reserve position, the Central Bank has further increased its gold holding as part of its reserve management strategy.

The public is therefore notified that these allegations are blatantly false and should not be misguided by such false information.