BullionStar News
Writers Torgny Persson, Koos Jansen
& Hong Kang See

El Salvador's gold reserves, the BIS, and the bullion banks

Monday the 27th of April 2015
According to a Reuters report from 24 April, the central bank of El Salvador, Banco Central de Reserva de El Salvador (BCR), sold approximately 80% of its gold reserves during March 2015. This sale comprised 5.412 tons of gold and raised $206 million for the Bank.

Reuters initiated its story based on updates to the International Monetary Fund’s gold reserve data, which this month was updated on 24 April. Each month, the IMF updates its International Financial Statistics dataset with economic data (on a one to two month lag) including country gold reserve data reported to it by member countries.

However, the Reuters story was very brief and failed to explain any of the details about El Salvador’s gold or the March gold sales. Therefore, to correct this situation, the full story is explained below.

BCR
IMF gold reserve data by country

The IMF elibrary web site is the entry point for retrieving monthly country gold reserve data (by volume in fine troy ounces) for any IMF member country. Note that on the IMF’s site, gold reserve data is part of the International Financial Statistics (IFS) dataset and not part of the International Reserves dataset. The IFS dataset was subscription-based until January 2015, after which the IMF made a number of datasets, including IFS, free to access.

The IMF's elibrary platform is located at http://elibrary-data.imf.org/DataExplorer.aspx, but this platform is being phased out soon since the IMF has launched a replacement platform called... Continue Reading
By: Ronan Manly
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