1998 IMF Gold Collection Campaign: How It Worked
If you picture the 1998 IMF Gold Collection Campaign as entirely unpaid donations, the records show a different picture: some participants received payment. South Koreans contributed gold to secure foreign currency, but the campaign alone does not explain the recovery. How household gold became foreign currency Individuals handed in gold at collection points, where it was appraised and pooled for export. Sales abroad brought in foreign currency. Participants who chose payment received proceeds from those sales; others contributed without compensation. International support and changes to debt repayment schedules also helped resolve the crisis. South Korea completed repayment of its IMF borrowing related to the crisis on August 23, 2001, a separate milestone from the 1998 campaign. Gold jewelry and a scale sit in a cargo warehouse as workers load cases onto a pallet near an aircraft. Gold collection records in context In the original article on Injoys, you can compare historical ...