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RBI constitutes task force on offshore rupee markets

02
Mar '19
Pic: Sohel Patel from Pexels
Pic: Sohel Patel from Pexels
The Reserve Bank of India (RBI) has constituted a seven-member ‘Task Force on Offshore Rupee Markets’. The task force shall examine the issues relating to the offshore rupee markets in depth and recommend appropriate policy measures that also factor in the requirement of ensuring the stability of the external value of the rupee.
 
The task force has been set up with the objective of developing deep and liquid on-shore financial markets that act as a price setter of the rupee globally, an RBI press release said.
 
“The focus of (RBI’s) policy efforts has been to align incentives for non-residents to gradually move to the domestic market while at the same time improving market liquidity to promote hedging activity on-shore,” the release said.
 
Former RBI deputy governor Usha Thorat would be the chairperson of the task force, which also has Ajit Ranade, chief economist of the Aditya Birla Group; Sajjid Chinoy, chief economist, India, JPMorgan; and Surendra Rosha, CEO, India, HSBC, as members.
 
The terms of reference of the task force are: to assess the causes behind the development of the offshore rupee market; to study the effects of the offshore markets on the rupee exchange rate and market liquidity in the domestic market; to recommend measures to address concerns, if any, arising out of offshore rupee trading; to propose measures to generate incentives for non-residents to access the domestic market; to examine the role, if any, International Financial Services Centres (IFSCs) can play in addressing these concerns; and any other relevant issue(s) the task force considers relevant to the context.
 
The task force shall submit its report by the end of June 2019. It may, if considered necessary, invite other experts in the field to share their inputs. (RKS)
 

Fibre2Fashion News Desk – India


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