ZURICH/FRANKFURT, Oct 10 - Central banks which signed the Central Bank Gold Agreement sold 475.75 tonnes of gold in the third year of the agreement ending September 26, said a statement released on Wednesday by the Bank for International Settlements on behalf of the signatories.

In March 2004, 15 European central banks renewed a 1999 pact to limit their sales over a five-year period to 2,500 tonnes — with annual sales limited to 500 tonnes — up from 2,000 tonnes in the first agreement.

Central banks and the International Monetary Fund (IMF) collectively hold 30,374 tonnes of gold in their reserves, but have been gradually reducing their holdings.

According to figures compiled by the World Gold Council, an industry-funded organisation, the signatories to the accord disposed of 497.2 tonnes during the first year and 395.8 tonnes in the second year. The Bundesbank, which is the second-largest hoarder of gold behind the U.S. Federal Reserve, said it would sell a maximum of 8 tonnes of its gold reserves to the German finance ministry for the latter’s gold coin programme.