Latest news with #reserves
Yahoo
19 hours ago
- Business
- Yahoo
India's forex reserves fall to $691.5 billion as on May 30
MUMBAI (Reuters) -India's foreign exchange reserves stood at $691.5 billion as of May 30, the governor of the country's central bank said on Friday, down $1.2 billion from the previous week and coming off near-eight month highs. The country's FX reserves are now about $13.4 billion below their all-time high hit in September 2024. "These (reserves) are sufficient to fund more than 11 months of goods imports and about 96% of external debt outstanding," Reserve Bank of India Governor Sanjay Malhotra said in a statement while announcing the monetary policy decision. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in the reserves. For the week ended May 30, the rupee notched a weekly drop amid uncertainty around U.S. tariffs. The currency had risen to a six-month high in May but shed its gains through the month. The rupee was little changed at 85.8050 per U.S. dollar on Friday, after the RBI cut its key repo rate by a larger-than-expected 50 basis points, a third consecutive reduction, and slashed the reserve ratio for banks. Foreign exchange reserves include India's reserve tranche position in the International Monetary Fund.
Reuters
20 hours ago
- Business
- Reuters
India's forex reserves fall to $691.5 billion as on May 30
MUMBAI, June 6 (Reuters) - India's foreign exchange reserves (INFXR=ECI), opens new tab stood at $691.5 billion as of May 30, the governor of the country's central bank said on Friday, down $1.2 billion from the previous week and coming off near-eight month highs. The country's FX reserves are now about $13.4 billion below their all-time high hit in September 2024. "These (reserves) are sufficient to fund more than 11 months of goods imports and about 96% of external debt outstanding," Reserve Bank of India Governor Sanjay Malhotra said in a statement while announcing the monetary policy decision. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in the reserves. For the week ended May 30, the rupee notched a weekly drop amid uncertainty around U.S. tariffs. The currency had risen to a six-month high in May but shed its gains through the month. The rupee was little changed at 85.8050 per U.S. dollar on Friday, after the RBI cut its key repo rate by a larger-than-expected 50 basis points, a third consecutive reduction, and slashed the reserve ratio for banks. Foreign exchange reserves include India's reserve tranche position in the International Monetary Fund.
RNZ News
2 days ago
- Business
- RNZ News
NZ's natural gas supply running out faster than thought
Photo: 123RF The country's natural gas supply is running out faster than previously thought. The Ministry of Business, Innovation and Employment said previous forecasts showed annual gas production falling below 100 petajoules (PJ) by 2029, but revised forecasts indicated that level would be reached by next year. A petajoule or PJ is a unit measurement of energy use commonly used for large-scale energy use, with one petajoule equal to one million billion joules. MBIE also said as of January this year, natural gas reserves were down 27 percent compared to last year - also falling faster than previously estimated. "In 2024, natural gas proven plus probable (2P) reserves reduced from 1300 PJ to 948 PJ," MBIE head of data service delivery," Karlene Tipler said. "The reduction in natural gas reserves is largely driven by field operators reducing their estimates of gas readily extractable in the ground by 234 PJ." MBIE said contingent gas reserves, or gas that existed in the ground but could not be extracted for various reasons such as economic or technical, increased by 184 PJ or 10 percent on last year. "Some of this increase can be attributed to natural gas reserves being downgraded to contingent resources," Tipler said. "A significant contributor to this is Pohokura field, which included a large volume of contingent gas which had previously not been reported." Tipler said some contingent gas may have the potential to be upgraded to 2P if there were changes to economic or technical conditions. Resources Minister Shane Jones said the decline in gas reserves was a "stark reminder" of why the government was seeking greater investment in exploration and production. "New Zealand needs a secure supply of affordable and reliable gas for industry to continue and for Kiwis to keep the lights on," Jones said. "A 27 percent year-on-year decline in our natural gas reserves is further proof that the Coalition Government has made the right decisions in overturning the oil and gas ban, and is willing to become a cornerstone investor in gas production," he said. As part of Budget 2025, thegGovernment announced $200 million over four years for co-investment in new domestic gas field developments.
Times of Oman
3 days ago
- Business
- Times of Oman
Central Bank gold buying cools in April, marking second straight month of slower growth
New Delhi: Globally, central bank gold buying experienced a slowdown in April, according to the latest data from the World Gold Council (WGC). The WGC indicates that central banks added a net of 12 tonnes to their reserves during the month. This figure represents a 12% decrease compared to the previous month's purchases and falls below the 12-month average of 28 tonnes. This deceleration in net purchases marks the second consecutive month where the rate of accumulation has slowed. Analysts suggest that this trend could be partly attributed to the significant appreciation in the price of gold observed since the beginning of the year, with gold reaching multiple record highs in recent months. While WGC "still expect overall buying to continue, given that the economic and geopolitical outlook remains highly uncertain." The World Gold Council's report highlights that the National Bank of Poland continued to be a significant player in the market, remaining the leading buyer both in April and for the year-to-date. Additionally, the Reserve Bank of India left its gold reserves unchanged at 880t and provided an update on its gold storage arrangements. On the other hand, several African central banks are exploring the possibility of increasing their gold holdings. The bank of Namibia, at the start of May, have announced plans to add gold with the aim of increasing it to 3% of total reserves. Similarly, the National Bank of Rwanda also announced during the month that it intends to build gold reserves. Gold retreated on Tuesday after approaching a four-week peak earlier in the day, pressured by a modest dollar recovery and profit-taking, as investors stayed wary amid unpredictable U.S. trade policies. On the physical demand side, according to a report by ICRA, domestic gold jewellery consumption in India is projected to expand by a significant 12-14 per cent in value terms in fiscal year 2026.
Bloomberg
27-05-2025
- Business
- Bloomberg
Colombia's Gas Reserves Shrink as Imports Grow
Colombia's natural gas reserves fell to the lowest since at least 2007, putting pressure on the Andean nation to add new findings and increase imports to address a growing shortage. Natural gas reserves dropped for a third consecutive year to the equivalent of 5.9 years of output at the end of last year, down from 6.1 years in 2023, according to the National Hydrocarbons Agency. The Andean nation had 2.035 billion barrels of proven crude reserves, the equivalent of 7.2 years of output, up from 7.1 years of production in the previous assessment.
