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Did you know the Reserve Bank of India (RBI) recently moved 100 tonnes (1 lakh kilograms) of gold from the UK to its vaults in India? This is the first such large-scale transfer since 1991.
More than half of RBI’s gold reserves are held overseas with the Bank of England and the Bank of International Settlements. This move is expected to save on storage costs currently paid to the Bank of England.
As of March 31, 2024, RBI held 822.10 tonnes of gold, up from 794.63 tonnes the previous year. In recent years, RBI has consistently built up its gold reserves to diversify foreign currency assets, hedge against inflation, and mitigate risks. By the end of April 2024, gold's share in India’s total foreign exchange reserves increased to about 8.7%.
Learn how and why RBI took this significant step and the story behind it. This historic event symbolizes India’s economic independence and sovereignty.
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Rahul Malodia is a professional CA, Management Consultant, And Business Coach. He started a revolution for Businessmen, with a mission in his eyes of Business Freedom. He begins with a basic session where you will find every aspect of your business. It is applicable to every business, be it big or small.
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12 июн 2024
