(CEP News) London – In an extraordinary development, the International Monetary Fund (IMF) announced late on Monday that it was musing over proposals to sell some of its gold reserves as part of radical plans to bolster its troubled finances.

IMF reportedly hopes to sell 12.97 million ounces of gold, nearly 12% of its total reserves to raise approximately $6 billion. However, the sale is dependent on approval by the U.S. Congress.

The IMF currently holds 103.4 million ounces of gold thought to be worth $95.2 billion at current market rates according to published sources. Overnight, gold futures for June delivery rose $13.64 to $926.79 an ounce in New York trading prior to the IMF announcement.