Noyer says France open to gold sale

"Sell gold, yes, but... there is no question of selling it to give the money obtained directly to the government," he told French daily Le Parisien on Wednesday.

Proceeds from the sale 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 central bank, Noyer explained.

However, back in March, Noyer had dismissed speculation that gold reserves might be sold, describing it as "a debate that does not exist".

On Tuesday the French finance ministry said it was only considering the option of using some of the country's gold for future investments or to reduce debt, after press reports said talks on the matter could begin as soon as this week with the Bank of France.

Noyer said that "under the framework of a central banks agreement, we have the possibility of selling about 500 tonnes of gold over five years, beginning next autumn." He emphasized, however, that no decision had been taken.

Noyer had opposed the idea then, saying that gold was an asset on the central bank's balance sheet, like currency reserves, offsetting banknotes and reserve funds.

But in his interview with Le Parisien, Noyer said: "I have studied with the greatest attention the position of Finance Minister Nicolas Sarkozy."

He stressed in the interview that any decision on the sale of gold "will be taken in total independence by the Bank of France, conforming to the law and to the treaty on the European Union."