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RBI added 2.5 tonnes of gold to its foreign exchange reserves.

Friday - May 11, 2018 5:06 pm , Category : WTN SPECIAL

RBI has bought gold after 2009.
MAY 11(WTN) - Indian people are well known for their infatuation to Gold. India is the world's largest importer of gold. Indian women are very interested in buying gold. The bank of the Indian banks RBI has bought gold after years. The Reserve Bank added 2.5 tonnes of gold to its foreign exchange reserves. The Reserve Bank has bought 2.5 tonnes of gold in two phases till the end of March 2018. Earlier, in the same way the Reserve Bank had bought gold in 2009.
 
Then the Reserve Bank had bought 200 tonnes of gold from the International Monetary Fund. According to the IMF data, India's foreign exchange reserves had 560.3 tons of gold till March 2018. Business Standard quoted a source saying, "the government had taken this decision even before the budget” Given the seriousness of the matter, it was not declared. At the global level, the central bank, which includes Russia and Turkey, buys gold to hedge against the dollar. The Turkish central bank announced a policy in May 2017, replacing the dollar as a prominent asset in its foreign exchange reserves. The commercial banks of Turkey have large amounts of gold.
 
The central bank USA has the highest number of 8133.5 tons of gold all over the world. After this, Germany has 3,372 tonnes of gold. At the third place, the IMF has 2814 tonnes of gold. India is at number 11 with 558.1 tonnes of gold in this list. Russia has been buying 200 tonnes of gold every year for the last 3 years. These steps being taken to end their dependence on the dollar Business Standard quoted a source saying that the government is collecting these gold for the Gold Monetizing scheme.
 
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