The International Monetary Fund (IMF) has sold $6.7-billion worth of gold to India, the crisis-lender said Monday, completing about half of a sale that was authorized in September. The IMF said it sold 200 tonnes of gold to India's central bank over a two-week period from October 19-30. Its executive board has agreed to sell a total of 403.3 tonnes, or about one eighth of the IMF's gold reserves.

IMF Managing Director Dominique Strauss-Kahn said the sale marked an "important step" in the lender's efforts to secure its finances and step up lending programmes for poorer countries. The IMF said the sale was made at prevailing daily market prices. The lender is looking toward other central banks to complete the remaining gold sale but has said it will consider selling the cache in the open market.