The Reserve Bank of India (RBI) has shifted over 100 tonnes of gold from the UK to its vaults in the country. This is the first time since 1991 that the precious metal has been added to the stock kept in the country. More than half of RBI’s gold reserves are held overseas in safe custody with the Bank of England and the Bank of International Settlements, and about a third of it is stored domestically. Gold is seen as a safe haven asset, and keeping it domestically might signal the RBI’s confidence in the stability of the Indian economy. Storing gold domestically could also save the RBI money on storage fees paid to foreign custodians like the Bank of England.
#gold #indianeconomy #modigovernment #rbi #rbigold #uk #india #news18
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