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Economy Sep 20, 2012

RBI to issue gold sovereign bonds to strengthen rupee

By Firstbiz Staff

The Reserve Bank of India is planning to set up a panel to suggest a roadmap to tap into India's gold holdings reports CNBC-TV18's Siddharth Zarabi.

AP

RBI and the finance ministry have discussed various possibilities and are considering four different instruments. India's gold holdings exceed 18,000 tonnes and have a market value of over $900 billion.

Gold bonds would help in reducing the weakness of the rupee.

The panel is expected to present its report in a couple of weeks.

by Firstbiz Staff

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