RBI Monetary Policy 2023: Now coins will not come out from ATMs! Reserve Bank started service in 12 cities, instead of a debit card…

RBI Monetary Policy 2023: RBI is going to install vending machines in 12 cities to withdraw coins. First, its pilot project will be launched. RBI Governor Shaktikanta Das said this while announcing monetary decisions today.

New Delhi. Announcing the decisions taken in the Monetary Policy Committee (MPC) meeting today, Reserve Bank of India (RBI) Governor Shaktikanta Das said that the central bank will launch a pilot project of QR-based vending machines. This will be done to increase the availability of coins. The Reserve Bank will start it in 12 cities in the initial phase.

Forex Reserves: Foreign exchange reserves increased for the third consecutive week, and gold reserves also increased

Foreign Exchange Reserve: The country’s foreign exchange reserves increased by $ 3.03 billion to reach $ 576.76 billion during the week ending January 27.

Highlights
1. $3.03 billion jump in forex reserves
2. FCA increased by $ 2.66 billion to $ 509.01 billion
3. The value of gold reserves increased by $ 316 million to $ 44.027 billion

New Delhi. Good news has been received for the third consecutive week on the foreign exchange reserve front. In fact, the country’s foreign exchange reserves increased by $3.03 billion to $576.76 billion during the week ending January 27. The Reserve Bank of India (RBI) gave this information on Friday.

This is the third consecutive week when foreign exchange reserves have increased. Last week, foreign exchange reserves had increased by $ 1.72 billion to reach $ 573.727 billion. Significantly, in October 2021, foreign exchange reserves had reached an all-time high of $ 645 billion. It declined later as the central bank used reserves to counter a sharp fall in the rupee’s exchange rate amid global developments.

FCA increased by $ 2.66 billion
According to RBI’s weekly data, foreign currency assets ie FCA (Foreign Currency Assets), considered an important part of the total currency reserves, increased by $ 2.66 billion to reach $ 509.01 billion in the week ended January 27. Denominated in dollars, FCA also includes the effect of appreciation or depreciation of other foreign currencies such as the euro, pound, and yen held in foreign exchange reserves.

Gold reserve increased by $ 31.6 million
Apart from this, the value of the gold reserve increased by $ 31.6 million to $ 44.027 billion in the reporting week. According to the data, the Special Drawing Right (SDR) increased by $46 million to $18.478 billion. In the reporting week, the country’s currency reserves kept with the International Monetary Fund (IMF) increased by $ 11 million to $ 5.23 billion.

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