RBI buys 8.46 tonne of gold
The Reserve Bank of India has bought 8.46 tonne of gold in FY 2017-18, the first purchase of the commodity by the apex bank in almost 9 years. The central bank has been holding 566.23 tonne of gold as on 30 June 2018, compared with 557.77 tonne as on 30 June 2017, according to RBI’s latest annual report for 2017-18. Last time the apex bank purchased gold was in November 2009, when it had bought 200 tonne of the yellow metal from the International Monetary Fund. Of the 566.23 tonne of gold reserves, 292.3 tonne is held as backing for notes the central bankhas issued and is shown as an asset of the Issue Department, and the balance 273.93 tonne is treated as an asset of the Banking Department.