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India Ponders Making Currency Convertible
Keywords:
Tags: Capital Markets, India,
Montek Singh Ahluwalia, head of India's Planning Commission, tells a weekend business conference of the government's intention to move towards making the rupee fully convertible and lifting all restrictions on foreign exchange transactions. India's prime minister, Manmohan Singh also said the government "was far more comfortable" making this move.This would make India vulnerable to sudden foreign exchange outflows. India has foreign exchange reserves of $144 billion and is in a position to make the move, especially as it brings the advantages of attracting more foreign investment to the country. Another advantage is the opportunity to make Bombay a financial hub in Asia, especially as the Indian economy develops and India's strengths in the financial industry and its human resources in that area make themselves felt.
India's central bank, the RBI and policies to control inflation and achieve other economic goals.
03/19/2006
Policies and actions of India's central bank, The Reserve Bank of India (RBI).
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