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Little notice for Indian central bank's recent steady accumulation of gold
Should India Pile Its Reserves with Gold?
By Lokeshwarri SK
The Hindu, Chennai, India
Thursday, May 6, 2021
The Reserve Bank of India's transactions in gold have always attracted much attention. The pledging of gold with the Bank of England in 1991 to meet the balance of payment crisis is still considered a nadir for the Indian economy. There was also much patriotic cheer when 200 tonnes of gold were purchased from the International Monetary Fund in 2009.
It is, therefore, surprising that not much attention has been given to the RBI's revised stance toward accumulation of gold reserves.
... Dispatch continues below ...
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India's gold reserves have been increasing at a steady pace over the last three years. These purchases have added 137 tonnes to the gold reserves between December 2017 and March 2021.
The share of gold in India's foreign exchange reserves has increased to 7 percent currently, from 5 percent in March 2017. ...
... For the remainder of the report:
https://www.thehindubusinessline.com/opinion/columns/should-india-pile-i...
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