From Mr Sony Kapoor.

Sir, With reference to "IMF advised to sell gold as profits on lending dry up" (February 1): Late in 2003, fresh out of a career in investment banking, I was the first to make a water-tight case for the sale of International Monetary Fund gold under the Central Bank Gold Agreement. Working with several prominent development organisations such as Jubilee, Debt Development and Eurodad, I had recommended that the proceeds be used to fund cancellation of poor-country multilateral debts.