With the market price on Wednesday of about 1120 U.S. dollars per ounce, gold is sold it will be worth nearly 6.9 billion U.S. dollars, as quoted by AFP.

The IMF “will soon start the program on the market gold sales” of a total of 403.3 tons, which was approved for sale in September, said the agency headquartered in Washington, it said in a statement.

Initial stage was set along with exclusive sales outside the market to public entities, such as the central bank, which included the IMF’s 186 members.

Combined has sold 212 tons in the first stage, more than half of the total approved, quickly taken by the central bank of India, Mauritius and Sri Lanka.

India, the first customer, bought 200 tons, followed by Mauritius (two tons) and Sri Lanka (10 tons).

The IMF said that 212 tons of gold were sold outside the market was worth 7.2 billion U.S. dollars, which produces a profit of about 4.5 billion U.S. dollars compared with the assumption that the gold price when the sale was approved.

The average price of gold is sold outside the market for 1050 U.S. dollars per ounce, higher than the price at the time of registration for 850 dollars.

About what to do with the extra revenue, Andrew Tweedie, finance director of the IMF, said in a statement that “might be too early to speculate,” considering the existence of gold would be sold.

“We still need to see what happens with the price of gold during the second half before selling we can conclude that we have additional revenues.”

Underlined that the IMF gold sales are still available for state entities. ”Initiation of sales in the market does not preclude the sale of gold outside the market that directly back for the sake of the central bank or other authority,” he said.

IMF members agreed in 2008 that the institution is able to sell an eighth gold assets in order to diversify its financial model so that the institution is no longer dependent on lending.

Profits from the sale will be used to create a bulwark that create income that is part of the IMF’s income model is changed.

“In accordance with the priority on the avoidance of interference gold market, sales in the market will be implemented in stages, in line with the approach used by central banks to avoid market disruptions,” the IMF said.

Certain banks that participate in the Central Bank Gold Agreement (Central Bank Gold Agreement) said the IMF gold sales can be accommodated under the approved ceiling of 400 tonnes and 2000 tonnes per year in total in the five years starting on September 27, 2009.