To tide over crisis: Swap 200 tonnes gold RBI bought for dollars

Worried that the gold trade can get gridlocked over the rupee crisis, London Bullion Market Association Chairman David Gornall suggests that India can swap for dollars the 200 tonnes of gold it bought from the International Monetary Fund (IMF) in 2009. This can help the country tide over the problems created by trade imbalance. “The Reserve Bank of India bought 200 tonnes of gold for $1,045 an ounce from the IMF...

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