June 20, 2024 07:13 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Sending shockwaves, man kills girlfriend in full public view with a spanner in Mumbai | 'It will be you versus me in Maharashtra polls': Uddhav Thackeray challenges PM Modi | With Modi's re-election, Justin Trudeau wants to engage on some 'very serious issues' | Fire breaks out at iconic Hollong Bungalow in Bengal's Jalpaiguri | Portion of under-construction bridge collapses in Bihar's Araria
RBI moves 100 tonnes of gold from UK to its vaults, first time since 1991: Report
RBI Gold
Photo Courtesy: File image from Wallpaper Cave

RBI moves 100 tonnes of gold from UK to its vaults, first time since 1991: Report

| @indiablooms | 31 May 2024, 01:37 pm

Mumbai/IBNS: The Reserve Bank of India (RBI) has moved over 100 tonnes of gold from the UK to its vaults in India, reports said.

Business Today reported, citing its sources, that more gold is likely to be brought back with decisions on this yearly.

According to reports, more than half of RBI's gold reserves are held overseas in safe custody with the Bank of England and the Bank of International Settlements, while about a third of it is stored in the vaults in India.

As per reports, the RBI's move of shifting gold will help the central bank to save storage costs, which are paid to the Bank of England.

The RBI held 822.10 tonnes worth of gold as a part of its foreign exchange reserves as of March 31, up from 794.63 tonnes held during the same period of 2023, according to the annual data released by the country's apex bank.

This is the first time since 1991 that gold has been added to the stock kept in the country. In 1991, the then Chandra Shekhar government in the centre pledged gold to tackle the balance of payments crisis.

According to RBI data, the central bank pledged 46.91 tonnes of gold with the Bank of England and the Bank of Japan between July 4 and 18 in 1991 to raise $400 million.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.