Sources of Accretion to Foreign Exchange Reserves in India: April-June 2008 - আরবিআই - Reserve Bank of India
Sources of Accretion to Foreign Exchange Reserves in India: April-June 2008
The Reserve Bank of India (RBI) had, on January 31, 2003, issued a Press Note on conclusions of a study conducted by its Department of Economic Analysis and Policy (DEAP) on Sources of Accretion to Foreign Exchange Reserves during April-November 2002. Subsequent to this, the RBI has been regularly updating and releasing information on ‘Sources of Accretion to Foreign Exchange Reserves’ through press releases which are available on the RBI website (www.rbi.org.in). Balance of payments (BoP) data for Q1 of 2008-09 (i.e. April-June 2008) are now available. These data have been released on RBI website (www.rbi.org.in) on September 30, 2008. On the basis of these data, sources of accretion to foreign exchange reserves have been compiled. Sources of Accretion to Foreign Exchange Reserves: April-June 2008 Table: Sources of Accretion to Foreign Exchange Reserves
Major sources of accretion to foreign exchange reserves during the Q1 of 2008-09 have been Foreign Direct Investment, Banking Capital, Short-Term Credit and External Commercial Borrowings (ECBs). The accretion to the foreign exchange reserves was US $ 2.2 billion on a BoP basis (excluding valuation effects) during Q1 of 2008-09. Valuation gain, reflecting the appreciation of major currencies against the US dollar, accounted for US $ 0.2 billion in total reserves during Q1 of 2008-09 as against a valuation gain of US $ 3.0 billion during the corresponding period of previous year. The foreign exchange reserves have increased by an amount of US $ 2.4 billion during Q1 of 2008-09 including the valuation effects as compared with an increase of US $ 14.2 billion during Q1 of 2007-08. Alpana Killawala Press Release : 2008-2009/415 |