extent. But the most important factor responsible for the decline in money supply is the decline in the net foreign exchange assets of the banking sector of as much as Rs 355 crores (upto January 17) as compared with just Rs 63 crores during the corresponding period of 1973-74. This has been made possible by large-scale borrowing from the IMF which has augmented the Reserve Bank's foreign exchange holdings.
To read the full text Login
New 3 Month Subscription
to Digital Archives at
₹826for India
$50for overseas users
Comments
EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.