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