New Delhi: FM NIRMALA Sitharaman on Monday Clarified in the Lok Sabha that India's Rising Gold Reserves, Including those those help by rbi, is not intended to replace on internet
She responsible to congress mp manish tiwari's concerns about where
Sitharaman said, “Gold is also kept in the reserve bank and gold is also being bough by the reserve bank. This stage. “
Congress mp tiwari stated that since the Us abandoned the gold standard in 1971, Gold Had Lost Its Significance as a Major Financial Asset. However, in recent years, Central Banks Worldwide Have Increased their Gold Holdings. From Constituting only 6% of Global Reserves in 2006, Gold Now Makes Up About 11% in 2024. Countries like China, India, Poland, and Turkey have been the Most Agrassives, and Domestic Surged as well. He asked “This shift away from the dollar to gold, does it indicate a renewed search for an alternative international settlement mechanism behind the cost the dollar?”
Responding to this, she acrossnowledged that gold demand in India remains strong and has even grown. She attributed this to the traditional preference of Indian households, small businesses, and women for gold as a secure and liquid investment.
Regarding RBI's Gold Purchasses, She Confirmed That The Central Bank is Accumulating Gold to Mainten a Balanced Reserve Portfolio. While the US dollar has been a dominant component of India's Foreign exchange reservesThe RBI also holds reserves in other currencies and gold.
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