India bought 178 tonnes of gold in just 4 years, 8% of world's total gold reserves now with RBI

image : Envato

In 1991, when India had no foreign currency for imports, India had to pledge 67 tons of its gold to take a loan of $2.2 billion. The then central government took this decision. But now that picture has changed. India has redeemed the pledged gold and today RBI has 8 percent of the world's total gold reserves.

Why did RBI buy more?

The Reserve Bank of India has made massive purchases of gold amid global economic uncertainties and rising inflation due to the Corona epidemic. According to the statistics, between March 2020 and March 2023, the RBI has purchased 137.19 tonnes of gold. RBI's gold reserves have jumped by 79 percent in just three years.

In terms of buying gold, RBI ranks 8th in the list of central banks of the world

During this period all the central banks of the world bought gold. After buying more than 137 tonnes of gold in the last three years, the RBI has climbed to the eighth position in the list of all central banks in the world in terms of gold reserves. In March 2020, gold reserves accounted for 6 percent of RBI's total foreign exchange reserves, which has increased to close to 7.85 percent. RBI's gold reserves have increased to over 790 tonnes.

See how much was purchased in which year

According to the data, RBI had total gold reserves of 612.56 tonnes in March 2019, 653 tonnes in March 2020, 695.31 tonnes in March 2021, 760.42 tonnes in March 2022 and now it has crossed 790 tonnes. That means RBI has bought more than 30 tonnes of gold in a year. RBI has bought 178 tonnes of gold in four years.