CALL RATES CLOSE ABOVE 8 PER CENT

Article Abstract:

The call rates were ruling at 8.20 percent in the inter-bank call money market on March 3, 1999. The call rates opened around 7.5- 7.75 percent. It rose to 8 percent following brisk demand. During the day, foreign banks borrowed heavily in the market. They used the funds to consolidate their position in long-term securities in order to book profits following reduction in the cash reserve ratio. (ag)(psr)

Financial Systems & Controls

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EXTERNAL DEBT LIKELY TO RISE TO $96 BN

Article Abstract:

India's external debt is likely to touch $96 billion during 1998- 99 as against $93.5 billion in 1997-98. The external debt includes $4.2 billion raised from the Resurgent India Bonds (RIBs) from non-resident Indians. (uh)(vr)

Legislative Bodies, Government revenues, Government Affairs

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