WASHINGTON (AFP) - The International Monetary Fund on Thursday announced it would sell 10 metric tons of gold to Bangladesh, worth around US$403 million.

"This transaction is part of the total sales of 403.3 metric tons approved by the executive board," the IMF said in a statement.

That decision was taken last September and was followed by the sale of 212 metric tons of gold to the Reserve Bank of India, the Bank of Mauritius, and the Central Bank of Sri Lanka.

The Washington-based institution has been selling gold as it seeks to bolster its finances amid the global economic crisis.

IMF members agreed in 2008 that the fund could sell an eighth of its gold assets in order to diversify its financial model so that it no longer relies on lending.

The fund is one of the world's largest holders of the precious metal.