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Mumbai, Reserve Bank Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> on Friday said India has been building up <keyword id="20344434" type="General" weightage="20" keywordseo="gold-reserves" source="keywords">gold reserves</keyword> as part of its forex deployment. "We are building up gold reserves that is a part of our reserve deployment," Das told reporters at the customary post-policy review press conference here. He did not give any specifics on the quantum of gold buys, but pointed to the official data which shows an increase in the value of gold reserves. As per official data, the value of gold in the <keyword id="20344433" type="General" weightage="20" keywordseo="forex-reserves" source="keywords">forex reserves</keyword> stood at USD 51.487 billion as on March 22, which is USD 6.287 billion higher than the value as at end-March 2023. As per a recent news report, RBI bought 8.7 tonne of gold in January alone which is the highest in two years. The <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword>'s gold holdings had touched 812.3 tonne at the end of January from 803.58 tonne in the preceding month, as per the World Gold Council. The price of gold has also seen a rally over the last few months. Earlier in the day, Das announced that the overall forex reserves have touched an all-time high of USD 645.6 billion as of March 29, a breakup of which will be made available on Friday evening with the release of the weekly statistical supplement (WSS). Speaking to reporters, Das said RBI has consciously focused on building forex reserves over the last four-five years to act as a buffer against any future risks where there are dollar outflows from India. He also said the central bank's approach on the forex front adds strength to the national balance sheet as well. Das also said that having a stable rupee is a priority for the Reserve Bank.

India is building up gold reserves says RBI governor Shaktikanta Das

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://www.flickr.com/photos/bankofengland/5762003476/">Bank Of England / Flickr</a></div>Total <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword> <a href="http://www.businessinsider.com/japanese-american-chinese-automarket-2012-10">demand in dollar terms increased in 2012</a>, but declined in tonnage. This is according to the World Gold Council.
The world's central banks were among the biggest customers, buying 534.6 metric tons of gold last year.
And the buying has continued into this year.
The <a href="http://www.gold.org/media/publications/">World Gold Council</a> reports that worldwide official gold holdings increased to 31,597 tons in February, up from <a href="http://www.businessinsider.com/countries-by-gold-reserves-january-2013-2013-1">31,575.1 tons a month ago</a>.
We pulled the numbers on the 10 biggest official reserves.
Note: CBGA refers to the Central Bank Gold Agreements. The first Agreement (CBGA 1) ran from September 27, 1999 to September 26, 2004. The second Agreement (CBGA 2) ran from September 27, 2004 to September 26, 2009. The third Agreement (CBGA 3) will run for five years from September 2009.

10 Enormous Gold Reserves

<div class="image-container float_right"><div class="image">REUTERS/Jim Young<keyword id="192145" type="PERSON" weightage="60" keywordseo="Larry-Summers">Larry Summers</keyword></div></div>Larry Summers and <keyword id="116249" type="PERSON" weightage="60" keywordseo="Janet-Yellen">Janet Yellen</keyword> would both lead the Fed well. But Ms Yellen is the safer choice
BARACK OBAMA will soon make one of the biggest economic decisions of his presidency: who should replace Ben Bernanke as chairman of the <keyword id="6355253" type="ORGANIZATION" weightage="60" keywordseo="Federal-Reserve">Federal Reserve</keyword>. Since America’s monetary decisions reverberate far beyond its borders, the world has an interest in having the best person in that job.
The good news is that, for all the political circus that has surrounded the decision, Mr Obama is choosing from excellent candidates. The two leading contenders--Larry Summers, a former treasury secretary and presidential adviser, and Janet Yellen, the Fed’s current vice-chairman--are both top-notch economists with years of relevant experience (see "The Federal Reserve: Dove v dove"). Mr Obama is said to be leaning towards Mr Summers. This newspaper would (narrowly) plump for Ms Yellen. Although Mr Summers is cleverer, she is better suited to this job now.
<h3>Two doves</h3>
For decades the art of monetary policy has been to control inflation and counter recessions by pushing short-term interest rates up or down. Now weak growth, not inflation, is the biggest challenge, and the Fed has to rely on less tested and more controversial tools, such as bond-buying. The next chairman will need the judgment to navigate this new world and persuade financial markets (and sceptical politicians) that the central bank knows what it is doing.
Both Ms Yellen and Mr Summers are "doves", rightly worrying more about economic weakness than any threat from inflation, but it is clearer how Ms Yellen would go about putting her views into practice. As the Fed’s vice-chairman she has pushed the current set of unconventional policies, from bond-buying to "forward guidance". Under her leadership the central bank would influence market expectations with even more detail around its future plans. Her public demeanour would be much like Mr Bernanke’s: technocratic and based on meticulous command of the data. Her cautious, consensus-building approach would minimise surprises (and financial-market volatility) as the current chairman has.
Mr Summers has a less clearly articulated approach to monetary policy and more political baggage. He has said little in public about how central banks can best support economies when short-term rates are at zero. Judging by his record in other areas, he is likely to push for creative solutions but to prefer not to have the Fed’s hands tied by promises about its future direction. The chances are that a Summers Fed would be even bolder, but less predictable, than the Bernanke Fed. Mr Summers’s dazzling intellect would make for bravura public performances, but he would be more likely to unsettle the markets with unscripted comments and to alienate both other Fed governors and lawmakers.
The Fed has had "maestro-style" leadership before, notably under Alan Greenspan. That seemed fine, then, but these days the Fed uses more experimental tools, depends more on influencing expectations and has shallower political support. Transparency, predictability and consensus-building therefore matter more than they used to. Mr Bernanke’s low-key leadership has made it easier for him to be radical. Ms Yellen would probably take a similar approach.
The Fed’s other big task is to prevent (and, if need be, manage) crises. Here Mr Summers seems stronger. Ms Yellen delivered early warnings about the credit crunch and now helps oversee the Fed’s crisis-fighting machinery. But she has no practical experience of handling a big financial mess and no first-hand knowledge of financial markets. In 2008 she was president of the San Francisco Fed, far away from the frantic efforts to stop a global meltdown. The vilification of Mr Summers for favouring financial deregulation in the 1990s is grossly unfair: much of what he proposed was quite sensible, and the link between those decisions and the financial crisis is weak. He clearly has the upper hand in terms of crisis-management experience, having been at the centre of almost every global financial flare-up since Mexico’s near-default in 1994.
The difference between the two is small. Supporters of Mr Summers argue that the administration would be making a big mistake if it did not employ the brightest policy-minded economist in a generation with unparalleled experience of dealing with financial trouble. They are right. If Mr Obama really wants the best people in place, he should replace his uninspiring treasury secretary, Jack Lew, with Mr Summers. It is a job that Mr Summers did superbly for Bill Clinton and which plays more clearly to his strengths. Making the switch would require uncommon decisiveness from a president who is loth to change personnel. But Ms Yellen at the Fed and Mr Summers at the Treasury would make a first-rate team.
Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to <keyword id="425741" type="UNKNOWN" weightage="60" keywordseo="The-Economist">The Economist</keyword>

Federal Reserve: Choosing The Chairman

New Delhi, India has a strong foreign exchange reserve and the country is in a comfortable position to meet all the requirements even in any worst-case scenario in the next five-six years, Commerce and industry Minister <keyword id="6355222" type="General" weightage="20" keywordseo="piyush-goyal" source="Orion">Piyush Goyal</keyword> said on Wednesday. India's forex kitty jumped USD 3.553 billion to USD 599.529 billion for the week ended May 12, according to the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>. The minister also said that the government efforts have helped in managing inflation and "I am happy that it has been respected and recognised by the <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> (as) they have also taken a pause on the interest rates during the last MPC (Monetary Policy Committee) meeting". On <keyword id="138463" type="General" weightage="20" keywordseo="forex-reserves" source="Orion">forex reserves</keyword>, he said: "We have strong foreign exchange reserves... In the worst case with whatever difficulty anybody may have, India is comfortable for the next 5 or 6 years, given our forex reserves today, to be able to meet our forex requirements." The minister was speaking at the annual session of industry body CII here. He added that no other developing country in the world is in such a "sweet spot" and it was the first time in many years that business persons are seeing interest rates almost at par with developed countries. "I believe this is a compelling case for investments, for growth and for expanding our international outreach, for bringing technology, for bringing innovation into the country," he said, suggesting the industry should focus on quality, innovation and skilled manpower. Further he said that India's trading partners want India to fast track negotiations for free trade agreements (FTAs). India is at present negotiating such agreements with nations including Canada, EFTA (<keyword id="601271" type="General" weightage="50" keywordseo="european-free-trade-association" source="Orion">European Free Trade Association</keyword>), the UK, and the European Union (EU). "It shows the increased importance of India in the global order. FTAs are two way traffic... I feel very sad when I am being told sometimes that I (industry) want access to the EU market, but please do not allow them to come into our market. "Those days are gone, this is a new India, this is an India which engages with the world from a position of strength and with full confidence". On exports, the minister exuded confidence to achieve USD 2 trillion worth of goods and services exports by 2030. He suggested the industry expand markets with an open mind, and engage with the world. "Look at our import basket, the basket largely gets affected by oil, which will have its own trajectory, possibly a lowering trajectory or a downward trend in the years to come. Our export basket has all the things that the world wants," he said adding the industry should move forward.

India's forex reserves are at a comfortable position says Piyush Goyal

<keyword id="495625" type="General" weightage="20" keywordseo="Indias-foreign-exchange-reserves" source="Orion">India's foreign exchange reserves</keyword> fell by $2.164 billion to $584.248 billion for the week ending April 21, according to data released by the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) on Friday. In the previous reporting week, the overall kitty had risen by $1.657 billion to $586.412 billion. Incidentally in October 2021, the country's forex reserves had reached an all-time high of $645 billion. In the period under review, the reserves fell mainly due to <keyword id="6499383" type="General" weightage="20" keywordseo="foreign-currency-assets" source="Orion">foreign currency assets</keyword> (FCAs) shrinking by $2.146 billion to $514.489 billion. The reserves have been declining as the RBI has used the funds to defend the rupee amid pressures caused mainly by global developments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ultratech-cements-q4-net-profit-falls-32-to-1666-crore-declares-dividend/articleshow/99848912.cms">UltraTech Cement’s Q4 net profit falls 32% to ₹1,666 crore, declares dividend</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-and-suvs-in-india-in-may-2023/slidelist/99842426.cms">Upcoming cars expected to launch in India in May 2023</a>

India's foreign exchange reserves fall to $584.24 billion

The <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> on Friday said its Board approved the transfer of Rs 30,307 crore surplus as dividend to the Centre for the accounting year FY22. It decided to maintain the contingency risk buffer at 5.50 per cent. As per a framework, the <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> has to maintain a contingency risk buffer of 5.5-6.5 per cent of its balance sheet. The 596th meeting of the Central Board of Directors of <keyword id="50847" type="General" weightage="80" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> of India was held on Friday at <keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword> under the Chairmanship of Governor Shaktikanta Das, and reviewed the current economic situation, global and domestic challenges and the impact of recent geopolitical developments. It also discussed the working of the central bank during the year April 2021-March 2022 and approved the <keyword id="3608734" type="General" weightage="20" keywordseo="annual-report" source="Orion">Annual Report</keyword> and accounts of the Reserve Bank for the accounting year 2021-22. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/equity-indices-start-positive-in-opening-trade-sensex-up-by-1105-points/articleshow/91681412.cms">Equity indices start positive in opening trade; Sensex up by 1,105 points</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/canada-to-ban-chinas-huawei-technologies-from-5g-networks/articleshow/91687584.cms">Canada to ban China’s Huawei Technologies from 5G networks</a>

Reserve Bank to pay ₹30,307 crore dividend payment to Centre for FY22

Mumbai, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s forex reserves jumped USD 1.634 billion to USD 618.937 billion for the week ended January 12, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) said on Friday. In the previous reporting week, the overall reserves had declined sharply by USD 5.89 billion to USD 617.3 billion. The country's forex kitty had reached an all-time high of USD 645 billion in October 2021. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended January 12, the foreign currency assets -- a major component of the reserves -- increased USD 1.859 billion to USD 548.508 billion, the data said. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. Gold reserves were down USD 242 million to USD 47.247 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 12 million to USD 18.31 billion, the <keyword id="20097680" type="General" weightage="20" keywordseo="apex-bank" source="keywords">apex bank</keyword> said. India's reserve position with the IMF increased USD 6 million to USD 4.872 billion in the reporting week, the RBI data added.

Forex reserves jump $1.63 billion to $618.9 billion

New Delhi [<keyword id="19895063" type="General" weightage="100" keywordseo="India" source="keywords">India</keyword>], May 19 (ANI): India's <keyword id="19998537" type="General" weightage="20" keywordseo="foreign-exchange-reserves" source="keywords">foreign exchange reserves</keyword> rose for the second straight week, by <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 2.561 billion to USD 644.151 billion in the week that ended on May 10, according to data shared by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>). Preceding these two weeks, the forex kitty had seen three consecutive weeks of decline. The country's foreign exchange reserves had hit an all-time high of USD 648.562 billion recently. According to the latest data released by the Reserve Bank of India (RBI), India's foreign currency assets (FCA), the biggest component of the forex reserves, rose by USD 1.488 billion to USD 565.648 billion. <keyword id="20344434" type="General" weightage="20" keywordseo="gold-reserves" source="keywords">Gold reserves</keyword> during the week rose by USD 1.072 billion to USD 55.952 billion. India's foreign exchange reserves, which had reached an all-time high are sufficient to cover 11 months of projected <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, according to the Monthly Economic Review report of the Department of Economic Affairs under the Ministry of Finance, released lately. In the calendar year 2023, the RBI added about USD 58 billion to its foreign exchange kitty. In 2022, India's forex kitty slumped by USD 71 billion cumulatively. Foreign exchange reserves have risen about USD 23 billion, on a cumulative basis, in 2024 so far. Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation's central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling. The country's foreign exchange reserves last touched their all-time high in October 2021. Much of the decline after that can be attributed to a rise in the cost of imported goods in 2022. Also, the relative fall in forex reserves could be linked to the RBI's intervention, from time to time, in the market to defend the uneven depreciation in the rupee against a surging US dollar. Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the sale of dollars, to prevent a steep depreciation in the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

India's foreign exchange reserves rose by USD 2.6 billion in the week ending May 10: RBI

<ul class="summary-list"><li>A new research paper broke down how China can boost the standing of the <keyword id="12305409" type="UNKNOWN" weightage="60" keywordseo="yuan" source="Orion">yuan</keyword> as a <keyword id="13653782" type="UNKNOWN" weightage="60" keywordseo="global-reserve-currency" source="Orion">global reserve currency</keyword>. </li><li>One way this can happen is if China builds credibility that the yuan and <keyword id="11931694" type="UNKNOWN" weightage="60" keywordseo="dollar" source="Orion">dollar</keyword> have a stable conversion rate. </li></ul>For China to boost the credibility and influence of the yuan as a global reserve <keyword id="12055585" type="UNKNOWN" weightage="60" keywordseo="currency" source="Orion">currency</keyword>, Beijing would have to cement its credibility by promising a stable dollar-conversion rate, according to a new paper from the <a href="https://portal.cepr.org/discussion-paper/20388">Center for Economic Policy and Research</a>. While the yuan won't be overtaking the dollar as the world's primary reserve currency, it is still possible for China to drive more adoption of the yuan by accepting dollar payments for <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword>, among other strategies, according to the authors, who include economists Barry Eichengreen and Camille Macaire."Despite China's still limited capital account openness, the share of RMB in reserves can increase if Chinese <keyword id="11931670" type="UNKNOWN" weightage="60" keywordseo="trade" source="Orion">trade</keyword> and RMB invoicing continue to increase," the authors wrote. The renminbi is another name for the yuan. Nations that hold a trade deficit with China could still build their yuan reserves if Beijing pays for imports in yuan but also takes dollar payments for exports, according to the paper.This, in addition to China's foreign direct investments, would allow other countries to help increase the volume of yuan in use. However, China will have to work to gain more credibility with its currency on the dollar-dominated world stage. Beijing must ensure yuan reserves can be converted to dollars at a consistent rate — which means China will have to ramp up its dollar holdings for emergency interventions if necessary, the authors wrote.As Western sanctions on Russia have revealed in recent months, other countries are subject to severe political and financial influence by the US due to the dollar's status. That may make it seem counterintuitive for China to increase dependence on the dollar. But, in the authors words: "[T]his peculiar relationship between the world's two largest economies is the only way for China to make the RMB a significant reserve currency without embarking on full capital account liberalization." However, "the RMB can nonetheless undergo an internationalization process with Chinese characteristics." In March, the International Monetary Fund said <a href="https://markets.businessinsider.com/news/currencies/dollar-yuan-china-reserve-currency-imf-economy-markets-centralbank-fed-2022-3">China's yuan and other currencies had gained on the US dollar's global standing</a> as a reserve currency. China for years has pushed for greater adoption of the yuan, and the IMF noted that central banks around the world are looking to diversify their holdings. "A characterization of the evolution of the international reserve system in the last 20 years is thus an ongoing movement away from the dollar, a recent if still modest rise in the role of the renminbi, and changes in market liquidity, relative returns and reserve management enhancing the attractions of nontraditional reserve currencies," the IMF report said.

China needs to grow its US dollar reserves to boost the yuan's status as a global reserve currency and gain credibility, new study says

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19998537" type="General" weightage="20" keywordseo="foreign-exchange-reserves" source="keywords">foreign exchange reserves</keyword> have surged to a record high, reaching a new peak of $ 666.85 billion, according to data from the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>). The data highlights an increase of $9.69 billion in just one week, as of 12 July, surpassing the previous high of $657.2 billion. The reserves have been rising intermittently for some time now. The RBI data reveals that India's <keyword id="20972687" type="General" weightage="20" keywordseo="foreign-currency-assets" source="keywords">foreign currency assets</keyword> (FCA), the largest component of <keyword id="20344433" type="General" weightage="20" keywordseo="forex-reserves" source="keywords">forex reserves</keyword>, rose by $8.3 billion to $585.47 billion. Additionally, <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword> reserves increased by $1.2 billion, reaching $58.66 billion. According to a recent RBI report, India's foreign exchange reserves are now sufficient to cover over 11 months of projected imports. In the calendar year 2023, the RBI added approximately $58 billion to its foreign exchange reserves. In contrast, in 2022, India's forex reserves declined by a cumulative $71 billion. Forex reserves, or foreign exchange reserves (FX reserves), are assets held by a nation's central bank or monetary authority, typically in reserve currencies such as the <keyword id="19949640" type="General" weightage="20" keywordseo="us-dollar" source="keywords">US dollar</keyword>, and to a lesser extent, the euro, Japanese yen, and pound sterling. The country's foreign exchange reserves last reached an all-time high in October 2021. Much of the subsequent decline can be attributed to the increased cost of imported goods in 2022. Additionally, the relative fall in forex reserves has been linked to the RBI's market interventions, to manage the uneven depreciation of the rupee against a surging US dollar. The RBI frequently intervenes in the market through liquidity management, including the sale of dollars, to prevent steep depreciation of the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

You Searched For "reserved" and got 10 results

India is building up gold reserves says RBI governor Shaktikanta Das

PTI

10 Enormous Gold Reserves

Mamta Badkar,Lisa Mahapatra

Federal Reserve: Choosing The Chairman

The Economist

India's forex reserves are at a comfortable position says Piyush Goyal

PTI

India's foreign exchange reserves fall to $584.24 billion

IANS

Reserve Bank to pay ₹30,307 crore dividend payment to Centre for FY22

IANS

Forex reserves jump $1.63 billion to $618.9 billion

PTI

India's foreign exchange reserves rose by USD 2.6 billion in the week ending May 10: RBI

ANI

China needs to grow its US dollar reserves to boost the yuan's status as a global reserve currency and gain credibility, new study says

Phil Rosen

India's forex reserves hit record $666.85 billion, driven by surging gold and foreign currency assets

ANI

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