RBI holding gold reserves worth $27 billion
Quotes

RBI holding gold reserves worth $27 billion

Last Updated: Friday, May 4, 2012, 16:14
 
 Comment 0
 
RBI holding gold reserves worth $27 billion
New Delhi: The Reserve Bank is holding gold reserves of 557.75 tonne valued at USD 27.02 billion, Parliament was informed on Friday.

"As on April 20, 2012, the value of gold reserve was USD 27.02 billion, which accounts for 9.2 percent of foreign exchange reserves of USD 294.6 billion," Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.

RBI holds 557.75 tonnes of gold as part of foreign exchange reserves. The gold held by RBI is revalued on monthly basis as per accounting policies, he said.

On whether the government has earned huge profit due to steep hike in global gold prices, Meena said that gains and losses on valuation of gold due to movements in the price of gold are not taken to the profit and loss account but booked under a balance sheet head.

On steps taken to boost gold reserves in the coming years, Meena said RBI had purchased 200 tonnes of gold at the cost of USD 6.7 billion from the International Monetary Fund (IMF) as part of the foreign exchanges reserves management operations in 2009.

PTI



First Published: Friday, May 4, 2012, 16:14


Comments


comments powered by Disqus
Forbes 2015 Rich List
Forbes 2015 Rich List
Audi TT Coupé
Audi TT Coupé
Shanghai Auto Show 2015
Shanghai Auto Show 2015
PM Narendra Modi in France
PM Narendra Modi in France
PM Modi`s Make in India push in Germany
PM Modi`s Make in India push in Germany

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved