The Reserve Bank of India has officially dismissed reports claiming it sold gold worth $12 billion to support foreign exchange reserves. The central bank issued a clarification after a report suggested it may have reduced part of its gold holdings amid global uncertainty.
RBI's Official Statement
RBI stated that India's physical gold stock remains unchanged at 880.52 tonnes. The clarification came after a viral report alleged that the central bank had liquidated a significant portion of its gold reserves to bolster the country's forex reserves.
PIB Fact-Check
The Press Information Bureau's fact-check unit also termed the claims as fake. PIB pointed out that gold's share in India's foreign exchange reserves has actually increased to 16.85 percent, contradicting the notion of a sale.
Detailed Analysis of the Controversy
The controversy began when a report suggested that RBI might have sold gold worth $12 billion to stabilize the rupee and manage forex reserves. However, RBI's data shows that the country's gold holdings have remained steady, and the increase in gold's share is due to valuation changes and not active selling.
What the Data Shows
- Physical gold stock: 880.52 tonnes, unchanged.
- Gold's share in forex reserves: Increased to 16.85%.
- Total forex reserves: The overall reserves have seen fluctuations, but gold holdings remain consistent.
The RBI's clarification aims to put an end to speculation and reassure markets about the stability of India's reserve assets. The central bank continues to hold gold as a key component of its foreign exchange reserves, providing diversification and security.
