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India's central bank repatriates more gold reserves, 60% now held domestically
By Dipak Mondal
The New Indian Express, Chennai
Tuesday, October 29, 2024
NEW DELHI -- Between March and September the Reserve Bank of India brought back to India another 102 tonnes of gold, which were kept in safe custody at the Bank of England and the Bank for International Settlements.
The RBI now holds 60% of its total gold reserve of 854.73 tonne domestically.
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The banking regulator on Tuesday reported that at end-September 2024 it held 854.73 tonnes of gold, of which 510.46 tonnes were held domestically. While 324.01 tonnes of gold were kept in safe custody with the Bank of England and the BIS, 20.26 tonnes were held in the form of gold deposits.
In value terms, the share of gold in the total foreign exchange reserves increased from 8.15% at end-March 2024 to about 9.32% as at end-September 2024. By March 2024, the RBI held 822.10 tonnes of gold, with 408.31 tonnes held domestically, 387.26 tonnes held in custody at the Bank of England and the Bank for International Settlements, while 26.53 tonnes were held in the form of gold deposits.
Earlier this year the RBI moved 100 tonnes of gold back from the Bank of England, making it the first big move to bring back gold to India after the government's 1991 pledging of gold to raise money.
Meanwhile, the RBI in its foreign reserve management report released Tuesday said that forex reserves increased from $646.42 billion at end-March 2024 to $705.78 billion at September 2024.
As per the report, by the end of June 2024, forex reserves cover of imports 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 foreign currency assets of $617.07 billion, $515.30 billion was invested in securities, $60.11 billion was deposited with other central banks and the BIS, and the balance $41.66 billion comprised deposits with commercial banks overseas.
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