PRESS RELEASE
Joint statement on gold
26 September 1999
European Central Bank
Oesterreichische Nationalbank
Banque Nationale de Belgique
Suomen Pankki
Banque de France
Deutsche Bundesbank
Central Bank of Ireland
Banca d´Italia
Banque centrale du Luxembourg
De Nederlandsche Bank
Banco de Portugal
Banco de España
Sveriges Riksbank
Schweizerische Nationalbank
Bank of England
In the interest of clarifying their intentions with respect to their gold holdings, the undersigned institutions make the following statement:
- Gold will remain an important element of global monetary reserves.
- The undersigned institutions will not enter the market as sellers, with the exception of already decided sales.
- The gold sales already decided will be achieved through a concerted programme of sales over the next five years. Annual sales will not exceed approximately 400 tons and total sales over this period will not exceed 2,000 tons.
- The signatories to this agreement have agreed not to expand their gold leasings and their use of gold futures and options over this period.
- This agreement will be reviewed after five years.
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- 60314 Frankfurt am Main, Germany
- +49 69 1344 7455
- media@ecb.europa.eu
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