Swiss central bank to sell 283T of gold

SWITZERLAND - The Swiss National Bank (SNB) plans to sell a further 283 tons of gold by the end of September 2003 under its plan to dispose of 1 300 tons of unneeded reserves, the central bank said on Thursday.

The bank said it had already sold about 603 tons since May 2000, raking in a little over Sf9.1bn (US$6.1bn), Reuters reported. It said gold would continue to be sold in regular transactions with current customers.

The SNB is selling gold it no longer needs for monetary reserves and has