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Our Bureau

Mumbai , Jan 3

THE Reserve Bank of India's Financial Markets Department has started domestic foreign exchange market operations from January 2, 2006. This is a step towards integration of monetary operations.

On July 6, 2005 RBI had announced the formation of a new Financial Markets Division for functional separation between debt management and monetary operations, said a press release from RBI.

FMD was responsible for monetary operations such as open market operations, liquidity adjustment facility, market stabilisation scheme, regulation, development of money market instruments, and monitoring of money, government securities and foreign exchange markets.

It was indicated that the functions of the new department would also cover RBI's operations in the domestic foreign exchange market.

This restructuring is expected to strengthen monetary, debt management and reserves management functions of RBI.

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