RIB PROCEEDS PUSH FOREIGN CURRENCY ASSETS UP $1.1 BN
Article Abstract:
The State Bank of India (SBI) has sold $3 billion of the $4.2 billion netted through the sale of its Resurgent India Bonds to the Reserve Bank of India (RBI). Consequently, the foreign currency assets (FCA) of RBI increased by $1.1 billion between August 28, 1998, and September 4, 1998. The value of gold in the foreign exchange (forex) reserves fell by $90 million and the total forex reserves went up by $1.05 billion in the first week of August 1998. The ways and means advances of the Government of India with RBI also fell from Rs510 crore on August 21, 1998, to zero on August 28, 1998. (gsh)
Comment:
Sells $3 bil of $4.2 bil netted through the sale of its Resurgent India Bonds to the Reserve Bank of India
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SBI TO PARK RIB PROCEEDS WITH IDFC
Article Abstract:
The State Bank of India (SBI) proposes to deposit about Rs2,000 crore netted from the Resurgent India Bond issue with the Infrastructure Development Finance Corporation (IDFC). The issue is expected to enter the Dubai markets on July 26, 1998. IDFC proposes to use the funds in bankable infrastructure projects. This decision of SBI follows its inability to over-leverage the funds in long-term projects due to the assets-liabilities constraints. SBI, which has also launched the issue in USA, expects to generate a quarter of its $2 million target. (ag)
Comment:
Proposes to deposit about Rs2,000 crore netted from Resurgent India Bond issue with Infrastructure Development Finance
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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