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The International Monetary Fund said Wednesday it was ready to sell 191.3 tonnes of gold on the market in a bid to reduce its dependence on loan revenue.
The fund "will shortly initiate the on-market phase of its gold sales program" of a total 403.3 tonnes approved for sale in September 2009, the Washington-based institution said in a statement.
The initial phase was set aside exclusively for off-market sales to public entities, such as central banks.
A total of 212 tonnes was sold during the first phase, in sales to the central banks of India, Mauritius and Sri Lanka.
"In accordance with the priority of avoiding disruption of the gold market, the on-market sales will be conducted in a phased manner over time," in line with an approach used by central banks to avoid market disruptions, the IMF said.
