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Sri Lanka has 10-pct of foreign reserves in gold: WGC

Mar 17, 2010 (LBO) - Gold now makes up 10 percent of Sri Lanka's foreign reserve assets after the country tripled its gold holdings with a purchase from the International Monetary Fund in 2009, industry data showed.
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The United States remained the largest gold holder with 8,133.

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5 tonnes, Germany second with 3,406.8 tonnes and the IMF third with 3,005.
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3 tonnes.

US accumulated large volumes of gold up to the second World War as war-torn Europe printed money and lost reserves through two world wars despite lifting convertibility at different points in time during the 'gold standard' period.

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By 1950 the US had accumulated 20,000 tonnes of gold strengthening its case to create a dollar pegged monetary system during the Bretton Woods negotiations and weakening Britain's John Maynard Keynes proposals for an alternative system.

IMF reserves were created from contributions mainly from developed nations.

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However following the creation of the Bretton Woods system, the US steadily lost reserves due to loose monetary policy.

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By 1971 US gold reserves were down to 9,000 tonnes and the US defaulted on the Bretton Woods system and lifted gold convertibility.


The world then moved into a floating c

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