Tags:
Journalism of Courage
MUMBAI, MARCH 30: The Reserve Bank of India8217;s foreign exchange reserves have grown by 458 million during the week ended March 20, 1998. With this, the total forex reserves now stand at 28.27 billion, according to the weekly statistical supplement released by the central bank.
Foreign currency assets during the period grew by 470 million while the RBI8217;s special drawing rights fell by 12 million. Aggregate deposits during the fortnight ended March 13, 1998, grew by Rs 4,002 crore 0.7 per cent to Rs 5,81,961 crore while total bank credit grew by Rs 1,382 crore 0.4 per cent to Rs 3,13,416 crore.
One reason for the rise in forex reserves is the increase in inflows by foreign institutional investors FIIs after the new government took over at the centre.
The growth in bank credit and deposits was much lower than the previous fortnight. Deposits during the fortnight ended February 27, 1998, grew by Rs 6,950 crore 1.2 per cent while credit grew by Rs 4,483 crore 1.5 per cent.
Bank investmentsduring the fortnight ended March 13, 1998 fell by Rs 458 crore 0.2 per cent to Rs 2,13,615 crore. This is against a growth of Rs 879 crore 0.4 crore during the previous fortnight ended February 27, 1998.The centre8217;s borrowings through ways and means advances WMA grew by only Rs 8 crore during the week ended March 13, 1998. WMA which stood at Rs 5,225 crore on March 6, 1998, grew to Rs 5,233 crore.
