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Rediff.com  » Business » RBI holding gold reserves worth $27 bn

RBI holding gold reserves worth $27 bn

May 04, 2012 16:21 IST

RBIThe Reserve Bank of India is holding gold reserves of 557.75 tonne valued at $27.02 billion, Parliament was informed on Friday.

"As on April 20, 2012, the value of gold reserve was $27.02 billion, which accounts for 9.2 per cent of foreign exchange reserves of $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 because of 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 $6.7 billion from the International Monetary Fund as part of the foreign exchanges reserves management operations in 2009.

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