1、1As April 30, 1996, the IMF held 103,439,916 ounces of gold. IMF. Financial Statements,April 1996, p. 11. Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS Web96-810 EOctober 4, 1996International Monetary Fund (IMF) GoldAuctions: Current Proposal,
2、History, andCongressional Role(name redacted)Specialist in International Trade and FinanceEconomics DivisionSummaryThe International Monetary Fund (IMF) is proposing to sell 5 million ounces ofgold, equal to a little less than 5% of its total gold holdings and, at current market prices,worth about $
3、1.9 billion. Profits from the gold sale would be used to provide debt reliefto poor countries. Although the IMF now has sufficient votes to adopt the proposal, theopposition of Germany, Switzerland, and Italy has resulted in an indefinite delay. Goldsales held by the IMF between 1976 and 1980 provid
4、ed substantial profits - $5.7 billion- which were used to establish the IMFs Trust Fund, which was also used to assist poorcountries. Gold sales then, as now, required an 85% voting majority of IMF members.Because legal title to the gold resides with the IMF, IMF gold sales do not have anybudgetary
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