Business Mantra News
- 8th September, 2017 was the historic day for Indian Economy, when Foreign Exchange Reserves reached $400 Bn mark for the first time as per the available data of Reserve Bank of India.
- From $100 Billion to $400 Billion RBI had to wait for 10 long years but within a time period of 11 months the reserves increased from $300 Billion to $400 Billion.
- Foreign Currency Accounts maintained in Indian Banks are kept in world’s major four currencies such as US Dollars, British Pound, Euro and Japanese Yen.
- Other components of Reserves are Gold Reserves and SDRs issued by International Monetary Fund.
- Quantum wise India is third in the list after China and Switzerland in maintaining foreign exchange kitty.
- Now Indian Imports can be taken care by Forex Reserves for 11 to 12 months.