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India's central bank increases its FY22 gold purchases to 65 tonnes
By Atmadip Ray
The Times of India, Mumbai
Friday, May 27, 2022
The Reserve Bank of India nearly doubled its gold purchase to 65 tonnes in FY22 raising its total holding to 760.42 tonnes, as part of its asset diversification policy with gold showing better performance as a safe asset class during the recent global financial turmoil.
In the nine month period between June 2020 and March 2021, RBI had bought 33.9 tonnes of gold.
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The value of RBI's gold holdings rose as much as 30% to Rs 3.22 lakh crore. Of this, gold valued at Rs 1.25 lakh crore is held as an asset of RBI's issue department and gold (including gold deposit) valued at Rs 1.97 lakh crore is held as an asset of the banking department.
This higher valuation was on account of additional purchases and also due to increase in the price of gold and depreciation of rupee against dollar, RBI said in its annual report....
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