Gold reserves in the 1970s and 1980s

February 11, 2023 0 Comments

The SBP acquired most of its gold reserves in the 1970s and 1980s, when prices were relatively low. Since then, prices have risen sharply and the value of the SBP’s holdings has increased accordingly. In recent years, the central bank has been selling off some of its gold reserves in order to raise funds for other purposes.

However, it still remains one of the largest official holders of gold in Asia. The reasons for why Pakistan maintains such large gold reserves are not entirely clear. Some believe that it is part of a effort to diversify away from reliance on the U.S. dollar, which is used as Pakistan’s official currency.

Others believe that Pakistan simply wants to hedge against potential economic or political instability by having a large store of valuable assets that can be quickly converted into cash if needed. Whatever the reasons may be, there is no doubt that Pakistan’sgold reserves are significant both in size and value.

India Vs Pakistan Gold Reserves

India and Pakistan have been vying for the top spot in gold reserves for the past few years. As of 2020, India has the most gold reserves in the world at approximately 26,000 metric tons. This is nearly 600 metric tons more than Pakistan, which is in second place with 20,400 metric tons.

The majority of India’s gold is held by the Reserve Bank of India (RBI), which is the country’s central bank. The RBI holds about 668 tonnes of gold in its vaults, which is worth over $30 billion at current prices. The Indian government also owns a significant amount of gold, estimated to be around 18,000 metric tons.

This includes gold bars and coins stored at various locations across the country, as well as bullion held by state-run banks and other financial institutions. Pakistan’s central bank, on the other hand, only holds around 60 tonnes of gold in its reserves. The majority of Pakistan’s gold reserves are owned by private individuals and entities.

Pakistan Gold Reserves in Tons Pakistan has the sixth largest reserves of gold in the world, totalling up to 558.9 tons as of end 2014. Most of Pakistan’s gold is imported, with the majority coming from South Africa. Gold plays an important role in Pakistani culture, with many women wearing gold jewellery on a daily basis.

Pakistan’s central bank has been accumulating gold reserves over the past few years in order to diversify its foreign currency holdings and reduce reliance on the US dollar. The country’s gold reserves are held at the State Bank of Pakistan and are managed by the SBP Banking Services Corporation.

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