RBI earns over 40% returns from its gold reserves
RBI earns over 40% returns from its gold reserves
The Reserve Bank of India is sitting on handsome returns on its gold reserves despite the recent crash in the yellow metal's price.
The RBI's gold stock of about 400 tonnes, currently valued at $25.7 billion, has appreciated 41% since it bought 200 tonnes in October-November 2009 from the During the same period, returns from alternative liquid assets were just one fourth of gold. Prices of US treasuries rose only by 5.2%, while that of the benchmark Japanese government bond increased 11.4%.
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The central bank values its gold at 90% of the value of the London Bullion Exchange at the end of every month. Even if one factors in the crash in gold prices in April, the value of its gold reserves is substantially higher than the returns from other currencies in its reserves.
The share of gold in its $295-billion foreign exchange reserves is 8.7%, up from less than 5% at the time of the purchase from IMF. India holds most of its reserves in liquid assets such as hard currencies like dollar, yen and euro, and sovereign bonds of AAA-rated nations.
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