The Economic Survey of India, 1997

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Sources of Change in Reserve Money (Variations during1)
[TABLE 3.2]

 

    Financial Year Annual Financial Year Annual
   

1995-96

1995-96

1996-97

1995-96

1996-97

1995-96

1995-96

1996-97

1995-96

1996-97

   

Mar.31to
Mar.31

Mar.31to
Jan.19

Mar.31to
Jan.17

Jan.20to
Jan.19

Jan.19to
Jan.17

Mar.31to
Mar.31

Mar.31to
Jan.19

Mar.31to
Jan.17

Jan.20to
Jan.19

Jan.19to
Jan.17

   

(Rs. crore)

(Per cent)

1

Net RBI credit to Government2

101478

19871

14961

3987

21122

8897

19.6

14.7

3.3

22.2

7.6

2

RBI credit to banks3

13470

8485

-2270

-15349

2543

-4594

63

-16.9

-69.9

29.4

-41

3

RBI credit to commercial sector4

6593

262

-93

-568

-72

-213

4

-1.4

-8.3

-1.1

-3.3

4

Net foreign exchange assets of RBI5

74720

-628

-458

11482

5344

11312

-0.8

-0.6

15.5

7.8

15.2

5

Government’s currency liabilities to the public

2379

7

58

461

271

410

0.3

2.4

19.3

12.5

16.8

6

Net non-monetary liabilities of RBI

29358

2943

5436

5584

11589

3091

10

18.5

17.3

49.9

8.9

7

Reserve Money (1+2+3+4+5-6)

169282

25054

6762

-5571

17619

12721

14.8

4

-2.9

11.1

7.2

  1. Variations are worked out on the basis of March 31 data after closure of Governments accounts. Figures for 1995-96 and 1996-97 are provisional.

  2. Includes special securities.

  3. Includes claims on NABARD.

  4. Excludes, since the establishment of NABARD, its refinance to banks.

  5. Variations are inclusive of appreciation in the value of gold following its revaluation close to the international market price since October 17, 1990. Such appreciation has a corresponding effect on RBI’s net non-monetary liabilities.

 

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The Economic Survey Of India, 1997

Document released by the Ministry of Finance, Government of India, on 25th February, 1997.
Made available on the Web on the same day, by MediaWeb India, on
The Indian Economy Overview (http://www.m-web.com).

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