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RBI brings 100 metric gold reserve from UK to India

RBI brings 100 metric gold reserve from UK to India

The Reserve Bank of India (RBI) has moved 100 metric tonnes of its gold reserves from the UK to India, citing sufficient domestic storage capacity. Governor Shaktikanta Das emphasized that this move should not be overinterpreted.

In FY24, the RBI transferred 100 metric tonnes of gold stored in the UK to domestic vaults, marking one of the largest gold movements by India since 1991, when the country had to pledge part of its gold holdings to manage a foreign exchange crisis. Governor Das noted that the amount of gold stored abroad had remained static for a long time.

Recent data indicates an increase in the RBI's gold purchases as part of its reserves. With adequate domestic storage now available, the decision was made to relocate some of the reserves back to India.

The country’s overall gold reserves grew by 27.46 metric tonnes in FY24, reaching 822 metric tonnes, according to official data. Despite the recent transfer, a significant portion of India’s gold remains stored abroad, including holdings with the Bank of England, similar to other countries.

The transfer of 100 metric tonnes to India has balanced the local and foreign holdings, with over 408 metric tonnes now stored domestically. According to the RBI’s annual report for FY24, 308 metric tonnes of gold are held in India as backing for currency notes, and an additional 100.28 tonnes are held as assets by the banking department. The report also states that 413.79 metric tonnes of gold are held abroad.

Governor Das reiterated that the move was purely logistical, driven by the availability of domestic storage, and there should be no further implications drawn from this action.

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RBI brings 100 metric gold reserve from UK to India

RBI brings 100 metric gold reserve from UK to India
The Reserve Bank of India (RBI) has moved 100 metric tonnes of its gold reserves from the UK to India, citing sufficient domestic storage capacity. Governor Shaktikanta Das emphasized that this move should not be overinterpreted.

In FY24, the RBI transferred 100 metric tonnes of gold stored in the UK to domestic vaults, marking one of the largest gold movements by India since 1991, when the country had to pledge part of its gold holdings to manage a foreign exchange crisis. Governor Das noted that the amount of gold stored abroad had remained static for a long time.

Recent data indicates an increase in the RBI's gold purchases as part of its reserves. With adequate domestic storage now available, the decision was made to relocate some of the reserves back to India.

The country’s overall gold reserves grew by 27.46 metric tonnes in FY24, reaching 822 metric tonnes, according to official data. Despite the recent transfer, a significant portion of India’s gold remains stored abroad, including holdings with the Bank of England, similar to other countries.

The transfer of 100 metric tonnes to India has balanced the local and foreign holdings, with over 408 metric tonnes now stored domestically. According to the RBI’s annual report for FY24, 308 metric tonnes of gold are held in India as backing for currency notes, and an additional 100.28 tonnes are held as assets by the banking department. The report also states that 413.79 metric tonnes of gold are held abroad.

Governor Das reiterated that the move was purely logistical, driven by the availability of domestic storage, and there should be no further implications drawn from this action.

 

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