India cbank seeks quotes to swap gold to improve reserves quality

NEW DELHI, July 2 Wed Jul 2, 2014 11:05am EDT

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NEW DELHI, July 2 (Reuters) - India's central bank said on Wednesday that it has sought quotes from banks to swap gold in its own vaults for international standard gold, in a "locational swap" designed to optimise the management of its reserves.

As a result of the arrangement, and subject to government approval, the Reserve Bank of India would release some relatively impure gold stocks onto the local market, helping to ease supply shortages arising from import curbs. (Reporting by Suvashree Dey Choudhury; Editing by Douglas Busvine and Keiron Henderson)

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