RBI Ranks 6th among central banks in buying gold abroad in 2019: WGC Report

RBI Ranks 6th among central banks in buying gold abroad in 2019: WGC Report

• The Reserve Bank of India (RBI) was the sixth largest gold buyer abroad in the year 2019, as per the World Gold Council (WGC) report titled, “World Gold Outlook 2020”.
• The RBI currently holds 625.2 tonnes of gold, which is 6.6 percent of its forex reserves.
• RBI bought 7.5 tonnes of gold in October 2019, to increase its foreign exchange reserves to $450 billion.
• The central banks of China, Russia, Kazakhstan, Turkey, Poland bought more than India in 2019 respectively.