The Riksbank intends to sell up to 10 tonnes of the gold reserve during the period 27 September 2007 to 26 September 2008. The sale is in compliance with the Central Bank Gold Agreement (CBGA) which was signed by 15 European central banks and came into force on 27 September 2004. The agreement, which runs for five years, enables the Riksbank to sell up to 60 tonnes of gold during this period. To date the Riksbank has sold a total of 35 tonnes of gold, 15 tonnes during the first year of the agreement and 10 tonnes during the second and third year. The Riksbank’s gold reserve currently amounts to 150 tonnes of gold.
The proceeds from the sale will be reinvested in the foreign exchange reserves, that is, in securities denominated in foreign currency.
The proportion of gold is being reduced with a view to obtaining a better risk-adjusted return on the Riksbank’s assets. Gold will continue to be an important component of the Riksbank’s assets.
Completed sales of gold will be evident from the weekly reports that are published on a regular basis on the Riksbank’s website: www.riksbank.se