India
RBI dollar swap scheme mobilises $72.8 billion
Banks have gathered $72.8 billion in foreign-currency inflows under the RBI's special swap facility as of August 21, with the pace picking up sharply in recent weeks. Most came from FCNR(B) deposits.
Data released by the Reserve Bank of India on Saturday show that banks mobilised $72.8 billion under the central bank's special foreign-exchange swap facility as of August 21. The inflow pace accelerated significantly, with totals rising from $40.8 billion on July 31 to $56.9 billion on August 13 and then to $72.8 billion on August 21, adding about $32 billion in three weeks.
The largest share came from foreign currency non-resident (bank) deposits, or FCNR(B), which accounted for $65.4 billion. Overseas foreign currency borrowings contributed $4.9 billion, and external commercial borrowings added $2.6 billion. FCNR(B) deposits had stood at $36.7 billion on July 31 before climbing to $52 billion and beyond in the weeks that followed.
- RBI dollar swap scheme
- foreign currency inflows
- FCNR(B) deposits
- bank mobilisation
- currency risk management
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