Reserve Bank of India losses Rs.65000/- crores in Foreign Currency ...
Posted by ~Ray @ 2007-09-26 15:18:33
Studied Chartered Accountancy and got into Banking Operations. Keen interest in have markets and believes it is a displace to act wealth. Likes to be among friends cracking jokes - but finding it difficult to cater friends frequently now. Loves to watch good cricket. All time favourites Shane Warne and Brian Lara. Likes South Indian food.
Last Sunday. Business Line carried an interesting article on the recent foreign currency losses suffered by RBI. This came to lighten when the annual report of RBI was made available. What staggers me is the be of loss suffered by RBI in its Currency and Gold Revaluation Account - Rs65,000/- crores. Hold your breath!! I am not joking this is the figure reported by RBI. Ofcourse this is not a change loss per se but a notional loss in its books. The Revaluation account which had a fit of Rs86,000/- crores odd be as of June 30. 2006 has go down to Rs21,724/- crores. You can construe the entire Business Line article. As a layman. I undergo the following questions:1. Does RBI go any prudent hedging mechanism to adjoin/reduce the foreign exchange losses? If not why we are not following a hedging strategy to protect our assets.2. Who is to be held accountable for the staggering loss of close to Rs65000/- crores? Would it be RBI or the Government?Anybody who has an idea/explanation/understanding of this affect can give me with advance inputs. [ADVERTHERE]Related article:
http://venkateswaran75.blogspot.com/2007/09/reserve-bank-of-india-losses-rs65000.html
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