The value of 10 tonnes of gold purchased by Bangladesh in September 2010 has increased further by $111.88 million following the latest round of price hike on the global market.
The central bank purchased 10 tonnes of gold from the International Monetary Fund on September 9, 2010 at a rate of $1,252 per ounce.
As the gold prices have soared on the international market, smashing $1,600 an ounce mark on Monday, Bangladesh Bank's profit from that investment now amounts to $348 per ounce, meaning a total profit of around $111.88 million. [1 tonne = 32,150 ounce]
BB's governor Atiur Rahman earlier said they had no plan to sell the gold deposited in the Bank of England as gold was considered a part of the central banks' total foreign exchange reserve.
BB officials said the total gold reserve of the central bank was about 13 tonnes or approximately six per cent of its total foreign exchange reserve.
They, however, said even after the recent purchase of 10 tonnes of gold, the central bank's forex reserve was dominated by US dollar.
Source : New Age
