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Letters: Give up the DMO
In the press conference that he addressed after the release of the third-quarter review of monetary policy, the RBI governor articulated in a clear manner the rationale for his proposals (“An expansionary policy is like chakravyuh”, January 30). However, one statement that he made is disturbing. He said: “We are going to manage the liquidity situation; we are going to calibrate our monetary policy to manage the borrowing in 2010-11.” It means the subordination of monetary policy to the management of public debt. The proposal for a debt management office (DMO) in the government delinking it from RBI is being actively pursued on grounds of the so-called conflict of interest that the latter faces. Now that it is resolved in favour of debt management, there is one more reason as to why the proposal for the new office should be given up.

Firm trend prevails
The Sensex after having touched a high of 17,121 in opening trades, has continued to displaying firm trend and is now up 119 points at 17,077.

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States increasingly promoting entrepreneurship: KPMG
State governments are increasingly moving in the direction to promote entrepreneurship and are adopting newer approaches for its development, a study by global consultancy KPMG says.
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Forex reserves up by $1.023 bn to $285.414 bn

India"s foreign exchange reserves increased by $1.023 billion to $285.414 billion for the week ended November 6. - RBI issues draft norms for forex contracts - Blinded by lustre? - Forex reserves down $1.13 bn - Tourist dollars rise 3% depite fall in traffic - MCA"s new motto: Friend first, regulator later - Forex reserves up $684 mn to $285 bn Foreign exchange reserves stood at $284.391 billion in the previous week. Foreign currency assets, during the period, declined by $4.811 billion to $261.957 billion as compared to $266.768 billion in the previous week, RBI said in its weekly report today. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as Euro, Sterling, Yen held in reserves, the RBI said. In the period under review, the country"s gold reserves increased by $6.7 billion to $17.5 billion as compared to $10.8 billion in the previous week. The special drawing rights (SDRs) went up to $5.258 billion in the week as compared to $5.242 billion in the previous week, the Central bank said. The country"s reserve position in the international monetary fund dipped by $882 million to $699 million as against $1.581 billion in the last week, the RBI said.


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