New Delhi: In a significant move, the Reserve Bank of India (RBI) has moved around 100 tonnes of gold from the United Kingdom to its vaults, a report said on Friday. This is for the first time since early 1991, when such a huge amount of gold has been added to the existing stock in the country.
According to a report published in ToI, the RBI is expected to move another 100 tonnes of gold into the country in the coming months.
As per the available data in April 2024, total gold reserves stood at 817 tonnes. Notably, India has been consistently making efforts to increase its gold reserves. It is a reflection of the strategy aimed at diversifying the country’s foreign exchange reserves and minimising risks associated with currency fluctuations and economic uncertainties.
Several central banks across the world keep their gold reserves with the Bank of England. India is also one of the countries which has been keeping its gold with the central bank of the UK.
As per the World Gold Council, the RBI continues to increase its “gold reserves at a steady clip”. As of early April, the central bank’s gold’s share of total reserves surged to 8.4 per cent 7.7 per cent at the end of 2023, it reported.
Top 5 country’s with highest gold reserves
United States of America tops the list with the world’s largest gold reserves at the end of March 2024. Germany has the second largest gold reserves. while Italy stands at third spot. France and Russia have the fourth and fifth highest gold reserves respectively.
India’s Forex Reserves
The Reserve Bank of India reported a surge in foreign exchange reserves for the week ending May 3, 2024 as the reserves increased by $3.66 billion to touch the $641.59 billionmark.
The Reserve Bank of India (RBI) is likely to transfer another tranche of 100 tonnes of gold into India in the coming months from Bank of England, report said. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
