Dynamite News RBI quashes reports of it selling gold reserves
The Reserve Bank of India (RBI) on Sunday clarified that it had not sold any of its gold reserves or done any trading in the yellow metal.
New Delhi: The Reserve Bank of India (RBI) on Sunday clarified that it had not sold any of its gold reserves or done any trading in the yellow metal.
The Central bank's announcement, in a series of tweets, came in the wake of media reports which stated that the RBI has been selling its gold reserves.
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Reports have appeared in certain sections of media that RBI has been selling/ trading in gold of late. It is clarified that RBI has not sold any gold or trading in it. (1/1)
— ReserveBankOfIndia (@RBI) October 27, 2019
"Reports have appeared in certain sections of media that RBI has been selling/trading in gold of late. It is clarified that RBI has not sold any gold or trading in it," tweeted RBI.
The fluctuation in value depicted in Weekly Statistical Supplement (WSS) is due to change in frequency of revaluation from monthly to weekly basis and is based on international prices of gold and exchange rates. (2/2)
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— ReserveBankOfIndia (@RBI) October 27, 2019
Further clarifying on the media reports, RBI said in another tweet, "The fluctuation in value depicted in Weekly Statistical Supplement (WSS) is due to change in frequency of revaluation from monthly to weekly basis and is based on international prices of gold and exchange rates."
The media reports cited RBI's Weekly Statistical Supplement (WSS) data according to which it bought gold worth USD 5.1 billion and sold about USD 1.15 billion of its gold reserves.