CB tells public not to be fooled by ‘gold scam’ reports

Wednesday, 7 December 2011 00:01 - - {{hitsCtrl.values.hits}}

The Central Bank yesterday strongly denied a story reported by a radio station, insisting that the public should not be misled by “false statements”.

The full statement released by the monetary organisation is given below:

The Central Bank strongly denies the involvement of its officials in the alleged gold scam reported by Neth FM in its morning news today. Despite several press releases issued earlier by the Central Bank clarifying its position that it does not involve in gold trading activities locally, some media still continue to carry news items alleging Central Bank’s involvement in this regard.

The Central Bank warns the general public not to be misled by the false statements made by various interested parties and categorically deny the news item reported by Neth FM as it is baseless and appear to have the intention of misleading the general public.

The Central Bank manages the official international reserves of the country and maintains its foreign reserve currency balances in reputed international banks overseas in foreign currency denominated instruments and gold.

The Central Bank conducts transactions in gold only in the international market, as a part of its international reserve management operations. Accordingly, the bank does not engage in any gold transactions in the domestic market.

Therefore, the public is informed that the news item reported by Neth FM is blatantly false and should not be misguided by such false information. Further, the Central Bank strongly advises the media to verify its information before releasing it to the public.