India's gold reserves surge over 210% in 6 years
What's the story
India's gold reserves have jumped by a whopping 211% since Shaktikanta Das took over as RBI governor in December 2018. According to RBI data, the value of gold in total reserves increased to $65.7 billion on October 4, 2024, from $21.1 billion on December 7, 2018. India's total foreign exchange reserves also saw a whopping 78.1% increase during Das's tenure. As of October 4, the total forex reserves stood at $701.1 billion, up from $393.7 billion on December 7, 2018.
Strategic move
RBI's gold acquisition strategy amid global uncertainty
The RBI's move to up its gold reserves comes as central banks around the world are buying more gold amid global uncertainty and rising inflation. In FY 2023-24, the RBI added a whopping 27.47 tons of gold to its reserves. The strategic move raised its total stockpile to 822.10 tons from 794.63 tons the previous year, showcasing India's proactive approach toward financial stability amid tough global economic conditions.
Gold repatriation
RBI repatriates over 100 tons of gold from UK
Earlier this year, the RBI successfully repatriated over 100 tons of gold from the United Kingdom. This is the first time since 1991 that such a large quantity of gold has been added to the central bank's treasury. A similar amount may be added in the coming months due to logistical reasons and diversified storage needs.
Source: https://www.newsbytesapp.com/