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Rise in Governments' borrowing

By Our Corporate Reporter

CHENNAI, APRIL 8. Borrowings of the Central Government have risen to Rs. 982 crores (nil) in the week ended March 31 and that of State Governments by Rs. 5,126 crores to Rs. 7,519 crores from Rs. 2,393 crores.

Reserve money has grown by Rs. 17,029 crores in the week to Rs. 2,80,186 crores. The variation in the last financial year was Rs. 20,815 crores(8 per cent). The net RBI credit to Government (before closure of Government accounts) was higher by Rs. 5,195 crores at Rs. 1,49,029 crores.

Bank credit has risen by Rs. 8,790 crores in the fortnight ended March 24 to Rs. 4,34,182 crores. Food credit was higher by Rs. 756 crores at Rs. 25,691 crores and non-food credit by Rs. 8,033 crores at Rs. 4,08,490 crores. In the last financial year, the growth in bank credit till March 24 was Rs. 65,344 crores against Rs. 44,759 crores in the same period of the previous year. Food credit rose by Rs. 8,875 crores and non-food credit by Rs. 56,469 crores against Rs. 4,331 crores and Rs. 40,428 crores respectively in 1998-99. On a year-to-year basis, the increase in bank credit was Rs. 65,344 crores, food credit Rs. 8,875 crores and non-food credit Rs. 56,469 crores.Investments in government securities were higher by Rs. 1,968 crores in the fortnight ended March 24 to Rs. 2,77,829 crores and in other approved securities by Rs. 117 crores to Rs. 31,092 crores.

FCAs up by $633 m

Foreign currency assets were higher by $633 million in the week ended March 31 to $35.06 billion. As gold reserves have declined by $130 million to $2.97 million, total reserves were up by $503 million to $38.04 billion. From end December 1999, the increase in FCAs was $3.01 billion, in gold holdings by $35 million. Total reserves have risen by $3.10 billion. On a year-to-year basis, the growth in total reserves was $5.51 billion with an increase in FCAs by $5.50 billion and gold holdings by $14 million. SDR holdings were lower by $4 million.

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