RBI brings back 102 tonnes gold from BoE; 60 per cent reserves in India
NEW DELHI: The Reserve Bank of India (RBI) has brought back another 102 tonnes of gold, which were kept in safe custody in the Bank of England and the Bank for International Settlements, back to India between March and September 2024.
RBI now holds 60 per cent of its total gold reserve of 854.73 tonne domestically. The banking regulator on Tuesday informed that at end-September 2024, it held 854.73 tonne of gold, of which 510.46 tonne were held domestically. While 324.01 tonne of gold were kept in safe custody with the Bank of England and the Bank for International Settlements (BIS), 20.26 tonnes were held in the form of gold deposits.
In value terms (USD), the share of gold in the total foreign exchange reserves increased from 8.15 per cent at end-March 2024 to about 9.32 per cent as at end-September 2024. By March 2024, the RBI held 822.10 tonne of gold, 408.31 tonnes were held domestically, 387.26 tonne held in custody with the Bank of England and the Bank for International Settlements (BIS), while 26.53 tonnes were held in the form of gold deposits.
Earlier this year, the RBI had moved 100 tonne of gold back from the Bank of England, making it the first big move to bring back gold in India after the 1991 pledging of gold to raise money. Meanwhile, the Reserve Bank of India in its foreign reserve management report released on Tuesday said that forex reserves increased from 646.42 billion dollars as at end-March 2024 to 705.78 billion dollars as at September 2024.
As per the report, by the end of June 2024, forex reserves cover of import stood at 11.2 months (11.3 months at end-March 2024). The foreign currency assets comprise multi-currency assets that are held in multi-asset portfolios as per the existing norms, which conform to the best international practices followed in this regard.
At end-September 2024, out of the total FCA of $617.07 billion, 515.30 billion was invested in securities, 60.11 billion dollars was deposited with other central banks and the BIS and the balance 41.66 billion dollars comprised deposits with commercial banks overseas.
RBI held 854.73 tonne of gold by September-end
RBI now holds 60% of its total gold reserve of 854.73 tonne domestically. The banking regulator on Tuesday said at end-September 2024, it held 854.73 tonne of gold, of which 510.46 tonne were held domestically. While 324.01 tonne of gold were kept in safe custody with the Bank of England and the Bank for International Settlements (BIS), 20.26 tonne were held in the form of gold deposits.