The Reserve Bank of India’s (RBI) gold holdings, as a percentage of its currency reserves, have surpassed 700 tonnes for the first time, according to a report on August 12.
According to Business Standard, the central bank acquired a record 29 tonnes of gold as part of its currency reserves in the first half of the calendar year 2021. As of June 30, 2021, the RBI’s total gold reserves were at 705.6 tonnes.
This is a roughly 27 percent increase in the last two years. The RBI’s gold holdings were 558.1 tonnes at the start of 2018.
Although the holding has grown over time, gold’s proportion of the central bank’s foreign reserves fell to 6.5 percent in the June 2021 quarter, down from 7 percent at the end of March, according to the report.
Source: https://www.insightssuccess.in/the-reserve-bank-of-india-purchases-a-record-amount-of-gold/
