RBI buys 8.46 tonne of gold

Banking Frontiers - - News Regulator -

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.

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