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Mumbai: The reserve Bank of India ,reserve Bank of India) to explore portfolio diversification through new asset classes and new markets foreign exchange reserves Management, the central bank has said.
During FY22, RBI added 61.6 metric tonnes (MT) of gold, due to which its total yellow metal holdings increased to 760MT. Besides gold, the value of gold reserves increased by 37% from Rs 1.43 lakh crore in March 2021 to Rs 1.96 lakh crore at the end of March this year, as a result of the increase in the value of the yellow metal.
In its annual report for FY22, RBI said that it had diversified reserves adhering to the primary objectives of safety and liquidity. It also enhanced the newly introduced forex asset products during the year.
foreign currency assets (FCA) includes deposits with RBI Central bankThe Bank for International Settlements (BIS) and commercial banks abroad, investments in foreign T-bills and securities, and special Drawing Rights ,SDR) with International Monetary Fund,
In view of piling up Russia’s foreign exchange reserves in the West, RBI Governor Shaktikanta Das He had said that he did not anticipate a situation where India would face sanctions, but every country would have to think about diversification.
India’s forex reserves rose by $4.2 billion to $597.5 billion during the week ended May 20, according to the weekly change in foreign exchange reserves released separately by the RBI on Friday.
The increase was mainly due to increase in foreign currency assets (FCA), which rose by $3.8 billion to $533 billion during the week. Gold reserves rose by $253 million to $40.8 billion. An increase in foreign exchange reserves considers an increase in the value of non-dollar currency assets.
RBI reiterates its plans central bank digital currency (CBDC) that will be consistent with its objectives of monetary policy, financial stability and efficient operation of money and payment systems. “RBI proposes to adopt a graded system for introduction of CBDC, going through a phase-by-stage proof of concept, pilot and launch,” RBI said. Earlier, the central bank had stated that one of the objectives of CBDC was to counter the risk of dollarization posed by stable coins – Cryptocurrencies with the dollar as the underlying asset.
The RBI was also entering into cross-border agreements to extend the reach of India’s payment systems, such as UPI, beyond India’s borders. “To facilitate cheaper cross-border payments, in September 2021, the RBI and the Monetary Authority of Singapore announced a project to add to their fast payment systems, viz., unified payment interface And pay nowRBI said.
Mumbai: The reserve Bank of India ,reserve Bank of India) to explore portfolio diversification through new asset classes and new markets foreign exchange reserves Management, the central bank has said.
During FY22, RBI added 61.6 metric tonnes (MT) of gold, due to which its total yellow metal holdings increased to 760MT. Besides gold, the value of gold reserves increased by 37% from Rs 1.43 lakh crore in March 2021 to Rs 1.96 lakh crore at the end of March this year, as a result of the increase in the value of the yellow metal.
In its annual report for FY22, RBI said that it had diversified reserves adhering to the primary objectives of safety and liquidity. It also enhanced the newly introduced forex asset products during the year.
foreign currency assets (FCA) includes deposits with RBI Central bankThe Bank for International Settlements (BIS) and commercial banks abroad, investments in foreign T-bills and securities, and special Drawing Rights ,SDR) with International Monetary Fund,
In view of piling up Russia’s foreign exchange reserves in the West, RBI Governor Shaktikanta Das He had said that he did not anticipate a situation where India would face sanctions, but every country would have to think about diversification.
India’s forex reserves rose by $4.2 billion to $597.5 billion during the week ended May 20, according to the weekly change in foreign exchange reserves released separately by the RBI on Friday.
The increase was mainly due to increase in foreign currency assets (FCA), which rose by $3.8 billion to $533 billion during the week. Gold reserves rose by $253 million to $40.8 billion. An increase in foreign exchange reserves considers an increase in the value of non-dollar currency assets.
RBI reiterates its plans central bank digital currency (CBDC) that will be consistent with its objectives of monetary policy, financial stability and efficient operation of money and payment systems. “RBI proposes to adopt a graded system for introduction of CBDC, going through a phase-by-stage proof of concept, pilot and launch,” RBI said. Earlier, the central bank had stated that one of the objectives of CBDC was to counter the risk of dollarization posed by stable coins – Cryptocurrencies with the dollar as the underlying asset.
The RBI was also entering into cross-border agreements to extend the reach of India’s payment systems, such as UPI, beyond India’s borders. “To facilitate cheaper cross-border payments, in September 2021, the RBI and the Monetary Authority of Singapore announced a project to add to their fast payment systems, viz., unified payment interface And pay nowRBI said.