Bangladesh Bank Sells 25 Kilograms of Gold in Auction

Bangladesh Bank Sells 25 Kilograms of Gold in Auction

Bangladesh Bank (BB) conducted a noteworthy auction today, marking the first time in 16 years that 25 kilograms of gold were sold, fetching nearly Tk 18 crore.

According to BB Spokesperson and Executive Director Mazbaul Haque, various qualities of gold totaling 25.312 kilograms were successfully auctioned for Tk 17.99 crore. The gold was sold to the buyer company Venus Jewelers after completing all necessary processes on Wednesday.

Haque mentioned that the gold had been seized by customs intelligence, and the proceeds from the auction were deposited into the account of Bangladesh Customs.

This auction marks the first successful attempt to sell seized gold since late 2022 when previous auction efforts by the central bank failed to attract suitable bidders.

The last auction of this scale occurred on July 23, 2008, when BB sold 21.822 kilograms of gold. Additionally, smaller quantities of gold, totaling 25, 21, and 20 kilograms, were sold in three phases earlier in the same year. However, due to various challenges, including the inability to find suitable bidders, gold auctioning had been suspended for an extended period.