India raises ceiling on intervention bonds: RBI

India raises ceiling on intervention bonds: RBI
Comment E-mail Print Share
First Published: Wed, Aug 08 2007. 08 13 PM IST
Updated: Wed, Aug 08 2007. 08 13 PM IST
Unni Krishnan / Reuters
Mumbai: India’s central bank said on Wednesday, 8 August, the 2007-08 ceiling on the amount of bonds it can use to absorb funds generated by its currency intervention had been raised to Rs1.5 trillion ($37 billion) from 1.1 trillion rupees.
The new ceiling would be reviewed if outstanding issues of market stabilization scheme (MSS) bonds exceeded Rs1.35 trillion, RBI said in a statement.
The outstanding balance of MSS bonds, including an auction held on Wednesday, was Rs 989.7 billion, the central bank said.
The ceiling on MSS bond issues was last increased in April, when it was raised to Rs1.1 trillion rupees from Rs950 billion.
Comment E-mail Print Share
First Published: Wed, Aug 08 2007. 08 13 PM IST
More Topics: P Chidambaram | RBI | MSS Bonds | Money Matters | Bonds |