الحند تُسرّع تعريف الذهبها من الخرز خشية تعريفة سيناريو روسية

The Indian Reserve Bank is making progress in restoring a large part of its gold reserves stored abroad, in a move aimed at strengthening control over the country’s strategic assets, after Russia’s foreign reserves ended its invasion of Ukraine, according to Bloomberg.

According to the bank’s half-yearly report on foreign currency reserves, the bank returned about 64 tons of gold to the country during the first half of the fiscal year that began last April, raising the percentage of gold mined inside India to more than 65% of the total, which is roughly double the percentage recorded four years ago.

According to the report, the share of gold in the total reserves reached 13.92% by the end of September compared to 11.70% at the end of March, while the total gold owned by the bank rose to 880 tons, of which 576 tons were stored locally, which is a comparable level compared to only 38% of the gold that was stored inside the country in September 2022.

The Reserve Bank of India did not explain the reasons for the change, but economists pointed out that the goal is to hedge against geopolitical risks, and to ensure full control over strategic assets, in order to freeze the Group of Seven, including the United States and the European Union.

واقل گوراف کابور, کیبیر عکسیمین فی بنک آندوس آند (IndusInd Bank) as long as we have the capacity to store it, why don’t we have gold? Many of the central banks are doing this, so it is logical that you keep your gold in your hand in such times of trouble.

During the past four years, the bank returned about 280 tons of gold to Indian lands, in accordance with the policy described by Finance Minister Nirmala Sitharaman as a very wise decision to diversify reserves.

Reserves exceed 100 billion dollars

According to the data of the Indian Reserve Bank quoted by Reuters, the Indian gold reserves exceeded 100 billion dollars for the first time, supported by high global prices despite the decline in the central bank’s customers this year.

Data showed that India’s gold reserves rose by 3.6 billion dollars to reach 102.4 billion dollars in the week ending October 10, while total foreign exchange reserves fell by 2.18 billion dollars to 697.8 billion dollars.

And this comes at the time when the Reserve Bank of India seeks to reduce dependence on the US dollar and the assets associated with it, by gradually reducing its holdings of US Treasury bonds, a policy that began before former US President Donald Trump imposed 50% customs duties on India due to its purchase of Russian oil.

India’s foreign currency reserves reached 702.3 billion dollars until October 17, making it the fourth largest reserve in the world, which is enough to cover more than 11 months of imports.

India is the second largest consumer of gold in the world after China, and it relies on imports to meet local demand, because gold is a part of Indian culture, whether it is an investment or a symbol of social status.