Saturday, 3 June, 2023

BB to sell 25kg gold from reserve

  • Staff Correspondent
  • 24 March, 2023 12:00 AM
  • Print news

Bangladesh Bank has taken an initiative to sell 25 kilogram gold from its reserve with a fresh auction amid low response in the previous bidding of the precious metal.
Gold traders can participate in the auction, according to the central bank officials.
In November last year, the central bank published a notice to certified gold traders. However, the auction failed due to the lower price bidding compared to the market.
The central bank vault has 96.43 kg including 57.15 kg gold bars and 39.27 kg mixed ornaments permanently. And the temporary sector holds 2,900 kilograms of gold due to ongoing cases, the officials said.
The central bank returned and auctioned a total of 1,087.4 kg gold till now. Of the auctioned amount 654 kg was gold bars and remaining 433.4 kg was mixed ornaments.
 Bangladesh Bank will sell 25.31 kg gold from the permanent part of its vault. A short list of eligible candidates will be drawn up for participation in the auction after verification.
Seized gold items in various drives by the intelligence directorate are kept in Bangladesh Bank's vault.
After the settlement of the case, if the verdict is in favour of the government, then the gold is sold through auction.
Bangladesh Bank sold 21.82 kilogram gold through auction on July 23, 2008. A further 25, 21 and 20 kg were sold in three separate occasions earlier that year.