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Friday, 19th November 2004 (3781 views)

The Bank of France has announced that it is to sell gold from its reserves.<BR/><BR/>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.<BR/><BR/>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.<BR/><BR/>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.<BR/><BR/>Gold reserves will be sold over the next five years, according to the Finance Ministry.<BR/><BR/>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.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7105782"/>

 

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