Bank of England way ahead of Fed and ECB in raising interest rates

Section:

http://www.fxstreet.com/nou/noticies/afx/noticia.asp?
pv_noticia=1086859235-9e32d306-16206

PARIS (AFX) -- Bank of France governor Christian Noyer
said the central bank plans to sell part of its gold
reserves to the market, possibly up to 500-600 tonnes.

The Bank of France holds about 3,000 tonnes of gold
reserves, valued at around 30 billion euros. The French
government is hoping to raise funds from gold sales to
help reduce its budget deficit

Noyer said the central bank will wait until gold prices
are "appropriate" before agreeing the sale, adding that
a decision will be made either by the end of this year
or the beginning of 2005

The bank will "certainly take into account the price and
the situation of the market. If we feel that the timing is
not appropriate to sell gold, then we would wait," Noyer
told journalists at a presentation of the Bank of France's
annual report.

"We have eternity (for that), more or less," he added

Noyer has previously said that the state would not be
able to count on direct revenues from such a sale.
Proceeds from the sale of gold could be invested, with
the accrued interest generating revenue for the Bank of
France, which then could be paid as dividends to the
state as the shareholder of the bank.

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