Stock Exchange-Clash of Priorities

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.