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Originally Posted by FagunerAgun
BB spent only 400m (As per Ntv Bangla) in US to buy 10 tons of gold at $1270 approx.
Two years ago, BB could have spent only 250m approx in US at $700.00
Two years ago, BB reserve was 6b approx in US and enough to buy this amount of gold and more.
It was not a problem with money, BB simply lacked expertise and foresightedness in decision making.
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That would be too marginal and risky to buy gold at that time with 6b reserve. If for any reason, remitance would fall, govt would have to sell gold, that's not a good news for any economy. All stock and bond markets would collapse, just with the news of selling gold, as it happened with india in 90s, when india had to sell gold reserves for liquidity problem. The national economy must play safer than a business man. Currently if they have kept a good liquid reserve, they have kept a buffer for low dollar inflow for any reason. I think, they have done it right.