RBI's gold reserves rise to 794.64 tonne at March-end 2023

RBI's gold reserves rise to 794.64 tonne at March-end 2023

Daily Current Affairs   /   RBI's gold reserves rise to 794.64 tonne at March-end 2023

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Category : Business and economics Published on: May 11 2023

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  • The Reserve Bank of India (RBI) added 34.22 metric tonnes of gold in the fiscal year that ended March 31, 2023, taking the total gold reserves to 794.64 metric tonnes.
  • RBI held 760.42 metric tonnes as of March 31, 2022, compared to 695.31 metric tonnes as of March 31, 2021.
  • The gold reserves as of March 31, 2023, included gold deposits of 56.32 metric tonnes, according to the RBI’s half-yearly report on Management of Foreign Exchange Reserves- October 2022 – March 2023.
  • A recent World Gold Council (WGC) report showed that the RBI added 7 metric tonnes of gold in January-March 2023.
  • The RBI is not alone in its efforts to increase its gold reserves. Other central banks, including the Monetary Authority of Singapore (MAS), the People’s Bank of China (PBoC), and the Central Bank of the Republic of Turkey, have also been buying gold as part of the diversification of their foreign exchange reserves.
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