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Current Affairs

RBI world’s 10th largest gold holding central bank

Date: 05 June 2019 Tags: miscellaneous

According to data released by World Gold Council (WGC), India has entered league of world’s top-10 gold holding central banks. RBI achieved this feat after purchased 52.3 tonnes gold in FY19 to augment its foreign exchange reserves.

RBI currently holds 612.6 tonnes of gold as part of its foreign exchange (forex) reserves and was ranked 10th largest gold holding central bank. It accounted to 6.1% of its overall forex reserves. Till May 2019, RBI was ranked 11th, but in March it added 3.7 tonnes of gold to its forex reserves and dislodged Netherlands from 10th spot.

World Official Gold Holdings (As of June 2019*)

Rank

Country/Region

Reserves (Tonnes)

1

United States

8133

2

Germany

3368

3

IMF

2814

4

Italy

2452

5

France

2436

6

Russia

2183

7

China

1900

8

Switzerland

1050

9

Japan

765

10

India

613

11

Netherlands

612

12

ECB

505

13

Taiwan

424

14

Portugal

383

15

Kazakhstan

367

Background

World Gold Council (WGC) derives data on gold reserves from International Financial Statistics under International Monetary Fund (IMF). It is binding on all signatory central banks to provide monthly updates to IMF on their gold purchases forming part of their foreign exchange reserves.

About World Gold Council (WGC)

  • It is market development organization for the gold industry. It is headquartered in London, United Kingdom (UK).
  • It is association whose members comprise world’s leading gold mining companies.
  • Functions: It works across all parts of industry, from gold mining to investment. It seeks to provide industry leadership and stimulate and sustain demand for gold.
  • It also provides insights into international gold markets, help people to better understand wealth preservation qualities of gold and its role in meeting social and environmental needs of society.