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- Tarapore, former deputy governor, Reserve Bank of India and economist, has strongly advocated for increasing the proportion of gold in the country’s forex reserve.
MUMBAI, NOV 28: Underscoring the benefits of diversifying foreign exchange reserves and the uniqueness of gold component as part of the forex basket , SS Tarapore, former deputy governor, Reserve Bank of India and economist, has strongly advocated for increasing the proportion of gold in the country’s forex reserve. He was speaking at a conference on Foreign Exchange Management: The Way Forward, on Tuesday.
In the past, country’s forex reserves have jumped significantly but the gold holding in it has now dwindled to as low as 3.6%. “If the gold proportion of the RBI’s forex reserves were cautiously raised, to say 10% of total reserves, it would require an additional purchase of gold by the RBI of $10 to 11 billion,” he said. -source
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