ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The vault contains the largest known monetary-gold reserve in the world, with about 6, 190 short tons (5, 620 metric tons) in storage as of 2019. The building was erected from 1919 to 1924, with an eastward extension built in 1935.

Detailed explanation-2: -The New York Fed’s gold vault is on the basement floor of its main office building in Manhattan. Built during the construction of the building in the early 1920s, the vault provides account holders with a secure location to store their monetary gold reserves.

Detailed explanation-3: -The largest accumulation of gold in human history is located deep underneath the heart of Manhattan’s financial district, at the New York Federal Reserve Bank. Some 80 feet beneath sidewalk level, the Fed’s special vault is built into the bedrock and entrusted with deposits from central banks across the globe.

Detailed explanation-4: -The Federal Reserve System is the central bank of the United States. Founded by an act of Congress in 1913, the Federal Reserve’s primary purpose was to enhance the stability of the American banking system.