Reserve Bank of India in top-10 gold holders; buys 52.3 tons in FY19 |
According to a recent data released by World Gold Council, the Reserve Bank of India has purchased 52.3 tonnes gold in Financial Year 2019 to augment its foreign exchange reserves. With this, it has entered league of world`s top-10 gold holding central banks across the world. RBI currently holds 612.6 tonnes of the metal as part of its foreign exchange reserves. In April, the central bank was ranked 11th, but in May it added 3.7 tonnes of gold to its forex reserves and dislodged the Netherlands from the 10th spot. The World Gold Council derives data on gold reserves from International Financial Statistics under International Monetary Fund. All signatory central banks have to provide monthly updates to the IMF on their gold purchases forming part of their foreign exchange reserves. The latest data shows the RBI`s gold holding is 6.1 percent of its overall foreign exchange reserves. India`s central bank started adding gold from over a year ago after staying put for eight years. Previously it had added gold in November 2009 when it bought 200 tonnes from IMF.
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