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Return on forex assets, gold reserves dip
By Our Special Correspondent
MUMBAI,
FEB. 3.
The return on foreign currency assets, excluding capital gains less depreciation, decreased to 2.8 per cent during 2002-03 (July-June) from 4.1 per cent during 2001-02, mainly because of lower international interest rates.
The average return on its gold deposits abroad also decreased during the period under review as it came down to 0.6 per cent during the financial year 2002-03, from 0.9 per cent in the previous year.
These were disclosed by the Reserve Bank of India as the Union Finance Minister announced in Parliament today that in the wake of foreign exchange reserves reaching $100 billion, the RBI would undertake a half yearly review of the main policy and operational matters relating to management of the reserves, including transparency and disclosure.
Gold holdings of RBI have undergone relatively few changes in recent years.
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