Financial Daily from THE HINDU group of publications
Thursday, Jul 01, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 01, 2004 |
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Money & Banking
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Forex More forex reserves held as bank deposits, currency Our Bureau
Chennai , June 30 THE composition of how India's official forex reserves are invested has undergone a slight shift over the past year. According to information disseminated by the Reserve Bank of India, about 25% of India's forex reserves of $114 billion as on May 31, 2004 or $28.40 billion was held abroad in the form of currency and deposits with foreign commercial banks. This is up from about 15% of forex reserves invested in this category, a year ago. About $16 billion have been added to this form of investment over the past year. About 34% of reserves is held in the form of securities (US treasury bills and other securities) while 40% is held with central banks in other countries as well as with institutions, such as the International Monetary Fund and BIS. As part of the dissemination of information, the RBI also provides data on predetermined short-term outflows of foreign currency assets over the next one year. These amount to about $2.3 billion. This has remained consistent around this level for the past year.
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