reserve bank of india: RBI may use money managers to boost forex reserves yield

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In 2003-04, the year in which RBI’s forex reserves crossed the $100-billion mark for the first time, Mint Road had sought external assistance in managing a part of the corpus.

Synopsis

The Reserve Bank of India (RBI) is weighing the option of engaging specialist money managers to help improve yields on the reserves fund as rates hit record lows globally. Given the increasing complexities of managing inflows from multiple channels, the RBI also wants better safeguards for the burgeoning corpus that now amounts to about a fifth of India’s gross domestic product (GDP).

Mumbai: India’s central bank is likely to engage external financial consultants to manage a part of its record $600-billion foreign exchange reserves, dusting off a playbook used nearly two decades ago when the corpus crossed the twelve-digit threshold for the first time.

The Reserve Bank of India (RBI) is weighing the option of engaging specialist money managers to help improve yields on the reserves fund as rates hit record lows globally.

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