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Sources in the Finance Ministry on Wednesday denied media reports claiming that the Central bank sold gold worth USD 12 billion to shore up India's foreign exchange reserves.
A report by a news agency had claimed that the central bank had sold gold valued at around USD 12 billion over a two-week period ending May 22 in an effort to protect the country's foreign exchange reserves amid pressure on the rupee and a rising import bill. Finance Ministry sources told ANI that the such a report had been denied by the Central Bank. Meanwhile, RBI's latest Annual Report for 2025-26 shows that the central bank's gold holdings actually increased during the financial year, contradicting claims of a large-scale sale of the precious metal. According to the RBI Annual Report, "As on March 31, 2026, total gold held by the Reserve Bank was 880.52 metric tonnes as compared to 879.58 metric tonnes as on March 31, 2025, reflecting an increase of 0.94 metric tonnes of gold in the year." The data indicates that the RBI added to its gold reserves during FY26 rather than reducing them. The report further notes that of the total 880.52 metric tonnes of gold held by the central bank, 312.32 metric tonnes were maintained as assets of the Issue Department, while the remaining 568.20 metric tonnes were held under the Banking Department. The RBI's annual accounts also reveal a significant increase in the value of its gold holdings, largely driven by a rise in global gold prices and depreciation of the Indian rupee against the US dollar. The value of gold held as an asset of the Banking Department rose by 63.6 per cent during FY26. The annual report also shows that India's foreign exchange reserves remained robust, standing at USD 691.11 billion as of March 31, 2026, compared with USD 668.33 billion a year earlier. Gold reserves, including gold deposits, increased sharply in value terms to USD 115.40 billion from USD 78.18 billion in the previous year. The RBI's audited balance sheet and reserve data clearly demonstrate that the central bank continues to maintain substantial gold holdings and that reports suggesting a USD 12 billion gold sale are not borne out by official records. (ANI)
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