In spring 2000, the Swiss National Bank began selling that part of the gold reserves no longer required for monetary policy purposes. The sales - which will total 1,300 tonnes - have to date been effected according to the agreement on gold sales concluded between 15 European central banks in September 1999.
This agreement will expire on 26 September 2004. The National Bank has so far sold 1,170 tonnes of gold.
It will put the remaining 130 tonnes of gold on the market by the end of March 2005.
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