7 May 1998 Korean purchases and Venezuelan swaps shown in latest IFS data Data from the May issue of the IMF's International Financial Statistics reflect the announcement by the Bank of Korea that it stood ready to purchase gold from financial institutions organising the national collection campaign. Data in the May issue also highlight the new swaps programme instituted by the Central Bank of Venezuela. The WGC has been told that there were no sales of gold during that period. Venezuelan gold holdings data therefore show similar effects to those of Austria which also has a growing swaps programme. For the good and simple reason that several central banks hold large reserves.
Gold still has a role to play in the international monetary system.
This interview followed earlier reports that the Belgian minister of finance, Philippe Maystadt, had said that Belgium may sell more gold following the sale of 299 tonnes announced in March. Mr de Larosi re argued that this was desirable in order to boost the credibility of the Euro. There are different views on how much of this should be gold. On 24 October 1997, an expert group, led jointly by representatives of the Swiss Finance Ministry and Swiss National Bank, produced a report on reform of the country's currency law which, among a number of proposals, made recommendations on Swiss gold holdings. In 1997 Mr Henderson had published a paper arguing that global welfare would be increased if governments and central banks sold their gold stocks.