Financial Daily from THE HINDU group of publications
Tuesday, Dec 13, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 13, 2005 |
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Money & Banking
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Forex IMD redemption unlikely to impact liquidity: Rakesh Our Bureau
New Delhi , Dec. 12 THE Deputy Governor, Reserve Bank of India, Dr Rakesh Mohan, on Monday said the central bank did not see any major impact on account of the redemption of India Millennium Deposits (IMD). "We are fully prepared for IMD redemptions. Arrangements are being put in place," Dr Mohan said on the sidelines of a workshop on the "Impact of Globalisation on National Firms." IMD redemptions of around $7 billion are coming up during the end of the month. Dr Mohan said the RBI was in touch with the State Bank of India to ensure that there was no impact due to the redemptions. Earlier, addressing the workshop, Dr Mohan said the inflation rate could come down to 2-3 per cent in the coming years. ``Since late 1990s, the average inflation has come down to 4-5 per cent. Hopefully, it will come down further. We are looking at 2-3 per cent,'' he said.
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