Rise in Centre's borrowing from RBI

By Our Corporate Reporter

CHENNAI, JAN. 22. The borrowing of the Central Government from the Reserve Bank has risen by Rs. 3,415 crores to Rs. 10,384 crores in the week ended January 7 to Rs. 6,969 crores and State governments by Rs. 1,282 crores to Rs. 5,541 crores from Rs. 4,259 crores in the previous week.

Reserve money has risen by Rs. 5,829 crores during the week and stood at Rs. 270,420 crores. The rise in the current financial year so far was Rs. 11,049 crores against Rs. 20,725 crores in the corresponding period in 1998-99.

The net RBI credit to Government is higher by Rs. 5,816 crores in a week and stood at Rs. 163,022 crores against Rs. 152,539 crores in the previous week.

The growth in the current financial year is Rs. 10,483 crores (6.9 per cent) against Rs. 17,775 crores (13.2 per cent) in 1998- 99.

Foreign currency assets have declined by $22 million in the week ended January 14 and stood at $32.16 billion. Gold and SDR holdings were unchanged. Total forex reserves as on January 14 was $35.10 billion.

FCAs have risen by $817 million since March 1999. On a year-to- year basis, the growth in FCAs were $4.72 billion , while gold and SDR holdings have declined by $76 million and $3 million respectively. The rise in total forex reserves was $4.64 billion.

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Section  : Business
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