The Central bank considers to buy gold resources

Wednesday, 17 April 2013 - 12:54

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Central Bank Governor Nivard Cabraal said Sri Lanka's central bank, an active trader in gold which cut its holdings last year may buy into gold, now that it is falling.

Sri Lanka's central bank which had as much as 16 tonnes of gold by mid 2011 has gradually sold down its stock, helping boost returns on its reserve assets and central bank profits.

By the end of 2011 its gold stock was down to 9.98 tonnes and by end 2012 it was down to 3.6 tonnes, according to World Gold Council data.

 

During the last credit bubble that ended in 2008 gold went up to around 1,300 dollars an ounce, fell to 900 and climbed back to 1,800 dollars an ounce amid quantity easing by the Fed and other central banks.



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