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“I don’t want divulge in to how they are diverting, but I think the RBI has taken very considered decision and they have also done by purchasing gold,” FM Sitharaman added.
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In their monetary policy meetings held in June and up to July 18, central banks of most advanced economies continued to hold or cut their policy rates
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The findings of the WGC survey suggested that there a majority of respondents (73%) see 'moderate or significantly lower' US dollar holdings in the global reserves over the next five years.
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Gold has officially dethroned the Euro as the world's second-largest reserve asset, reaching 20 percent of global foreign reserves compared to the Euro's 16 percent, according to the European Central Bank's latest assessment. This historic shift, driven by unprecedented central bank, signals a fundamental restructuring of the global monetary system amid rising geopolitical tensions.
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Acharya’s comments come at a time when markets await clarity on whether new RBI Governor Sanjay Malhotra would continue with his predecessor’s approach of intervening firmly in the currency market.
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The US Dollar, near two-year highs, will be a key factor for precious metals. Going forward, forecasts on the precious metals are extremely bullish, with UBS seeing gold at $2,900/oz by end of 2025 while Citi, Goldman Sachs and JPMorgan are pegging a target of $30,00 by December 2025.
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Senior officials last week endorsed their strongest pro-growth stance in a decade, indicating bigger government spending and more interest rate cuts
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IMF projections suggest rapid price increases are yesterday’s problem. So why are central banks not embracing the win?
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In the Indian market, gold recently traded at a peak of Rs 77,440 per 10 grams, while in the US, Comex gold hit a high of $2,694.90 per ounce on Wednesday night
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The central bank hasn't given banks a specific target but has asked them to report the extent of such payments to it on a regular basis, the sources said
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From March to May, the segment's notional turnover shrunk by a little more than 96 percent--from Rs 29.5 lakh crore to Rs 1.14 lakh crore.
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The plans come as internal government data shows individuals have lost funds of nearly $1.26 billion in financial institutions to cyber fraud since 2021, with one of the sources saying about 4,000 fraudulent accounts are opened every day
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The Bank Of Japan heralded a new era as it shifted away from years of ultra-easy monetary policy. It raised its short-term interest rates to around 0% to 0.1% from -0.1%. The Central bank also abandons yield-curve control policy, though it pledged to continue its purchases of Japanese government bonds as before. The Japanese yen weakened to as much as 149.92 against the greenback, while the Nikkei stock index swung between gains and losses following the BOJ decision.
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The Central Bank of India, a state-owned entity, extends its festival offer until March 31, aiming to boost its retail asset book. The initial deadline was December 31, 2023.
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There have been a number of cases in recent past where the erring banks and non-banks have faced the regulator’s wrath for rule violations. Clearly, the RBI is not comfortable with this pattern and wants to act early
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Das said the reserves did help India during the Ukraine war when the US dollar suddenly became very strong and all the emerging market currencies depreciated.
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India's central bank enhances its tools to combat inflation as it prepares for its entry into a global bond index, potentially increasing price pressures.
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The newly constituted working group would be chaired by R. Narayanaswamy, former professor at IIM Bangalore, the RBI added.
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European Central Bank President Christine Lagarde Speaks At The 2023 Conference On Monetary Policy
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The 59-year-old started his career at the Monetary Authority of Singapore (MAS), the de facto central bank, in 1987.
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The total value of 2,000-rupee notes in circulation was down to 3.56 trillion rupees as of May 19, from 3.62 trillion rupees as on March 31 – the end of the last fiscal year – the central bank said in a statement.
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China’s central bank called on the financial sector to help fund technology research and M&A deals, the latest in a string of promises to revive a private sector devastated by a two-year regulatory crackdown.
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The annual rate of 5.5% was down from 6.1% in May in the 20 countries that use the euro currency, the European Union statistics agency Eurostat said Friday.
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In the bi-annual Financial Stability Report (FSR) released on Wednesday, the central bank said the GNPAs are expected to improve further to 3.6 per cent in the baseline scenario.
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It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
