[lbo-talk] India to prepay $1.5 bn of external debt soon

Ulhas Joglekar uvj at vsnl.com
Fri Aug 22 06:07:59 PDT 2003


HindustanTimes.com

Saturday, August 16, 2003

India to prepay $1.5 billion of external debt soon

Reuters Mumbai, August 16

India, which is sitting on a near-record pile of foreign exchange reserves, will prepay $1.5 billion of its external debt soon, a senior official of the the Reserve Bank of India (RBI) said on Saturday.

"Another $1.5 billion to be pre-paid, is in the pipeline and it will happen soon," said RBI chief general manager, TC Nair, speaking at a forex seminar. Nair also said there was no target for foreign exchange reserves, although it was a conscious policy to accumulate it.

Asia's third-largest economy's reserves are at $84.7 billion, just off the record of $84.904 billion.

© Hindustan Times Ltd. 2003. Reproduction in any form is prohibited without prior permission



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