Amid global economic crisis, RBI hikes its gold reserve to 855 metric tonnes
Wed Oct 30 2024
Amid the ongoing global crisis India's total gold reserves held by the Reserve Bank of India (RBI) stand at 854.73 metric tonnes, according to the latest report by the central bank. The report released on Tuesday also highlighted that out of the total gold reserve of RBI, a substantial portion--510.46 metric tonnes--is stored domestically within India.
While the remaining gold reserves are held internationally; 324.01 metric tonnes are kept in safe custody with the Bank of England and the Bank for International Settlements (BIS). Additionally, 20.26 metric tonnes of gold are maintained in the form of gold deposits, which are held to support liquidity and financial security.
RBI said "As at end-September 2024, the Reserve Bank held 854.73 metric tonnes of gold, of which 510.46 metric tonnes were held domestically". The report also highlighted that in terms of value, gold's share within India's overall foreign exchange reserves has seen a noticeable rise.
As of the end of September 2024, gold represented 9.32 per cent of the total reserves, up from 8.15 per cent recorded at the end of March 2024. This increase highlights the growing importance of gold as a reserve asset for the RBI amid global economic fluctuations, providing a stable and secure investment.
The Reserve Bank of India (RBI) has published its latest half-yearly report on the country's foreign exchange reserves, providing updates on gold holdings as of the end of September 2024. This report aims to offer greater transparency on the management of India's reserves and is released every six months, covering reserve data at the end of March and September each year.
The RBI's half-yearly reports are a key part of its efforts to maintain high levels of disclosure regarding India's financial stability and reserve management. By offering regular insights into foreign exchange reserves, including gold holdings, the RBI seeks to ensure transparency for stakeholders and the general public, giving a clear view of India's economic resilience and approach to reserve management.
Source: https://www.aninews.in/