The Reserve Bank of India (RBI) has brought back 102 tonnes of gold kept in the Bank of England and the Bank for International Settlements between March and September 2024. 60 per cent of the total gold reserves of 854.73 tonnes held by the RBI are in the country. The banking regulator said on Tuesday that it had 854.73 tonnes of gold at the end of September 2024, out of which 510.46 tonnes of gold is domestically i.e. in the country. 324.01 tonnes of gold was kept in reserves with the Bank of England and the Bank for International Settlements (BIS), while 20.26 tonnes of gold was kept as deposits.
According to the RBI report, the share of gold in the total foreign exchange reserves increased from 8.15 per cent at the end of March 2024 to about 9.32 per cent at the end of September 2024. As of March 2024, the RBI held 822.10 tonnes of gold. Of this, 408.31 tonnes were held domestically, 387.26 tonnes were with the Bank of England and the Bank for International Settlements (BIS), while 26.53 tonnes were in deposits.
Earlier this year, the RBI brought back 100 tonnes of gold from the Bank of England, the first major step to bring gold back to India after it was pledged to raise money in 1991. Meanwhile, the Reserve Bank of India in its foreign exchange management report released on Tuesday said foreign exchange reserves have increased from $646.42 billion at the end of March 2024 to $705.78 billion by September 2024.
