The Age Of Stars

money market / forex · 28 November 1997

RBI's response package to the Asian currency crisis

RBI chronology: fixed-rate repos in G-secs introduced on 1997-11-28 "to give maneuverability in liquidity management; and to bring orderly conditions in money and forex markets"; Capital Index Bonds followed on 1997-12-19. The rupee and Sensex magnitudes for Oct-Dec 1997 were not obtained

VerifiedOfficial record. Source: rbi.org.in

Asian currencies and equities; INR peripheral · 2 July 1997

Thai baht floated, start of the Asian financial crisis

India is generally described as relatively insulated (low short-term external debt, capital controls on debt inflows, a managed float since 1993). No magnitude verified in this session

UnconfirmedOfficial record. Source: Not sourced in this session

Asian markets, INR · 1 October 1997

Asian crisis deepens; Korean and Indonesian collapse, IMF programmes

Rupee came under pressure and drifted weaker through 1997-98 and 1998-99. No verified level in this session

UnconfirmedOfficial record. Source: Not sourced in this session

Response package to the Asian currency crisis, 1997-11-28

Set of measures on 28 November 1997 (with fixed-rate repos in G-secs) to bring orderly conditions in the money…

Set of measures on 28 November 1997 (with fixed-rate repos in G-secs) to bring orderly conditions in the money and forex markets

VerifiedOfficial record. Source: rbi.org.in

Foreign Institutional Investors (debt funds) allowed into dated government securities, 1997-07-10

Opening of the government-securities market to FII debt funds

VerifiedOfficial record. Source: rbi.org.in

customs tariff

Union Budget 1997-98 (P. Chidambaram, United Front) continued the 1991–96 tariff reduction and simplification

The exact peak/auxiliary duty rates for 1997-98 were not verified against the budget speech in this session, so the figure is left as ?

UnconfirmedOfficial record. Source: Ministry of Finance, Union Budget 1997-98, budget speech not opened in this session

Capital Index Bonds, 1997-12-19

First inflation-hedged sovereign instrument, linked to the Wholesale Price Index, issued in response to the…

First inflation-hedged sovereign instrument, linked to the Wholesale Price Index, issued in response to the Asian currency crisis

VerifiedOfficial record. Source: rbi.org.in

FERA 1973 still in force; FEMA only in 1999

The restrictive Foreign Exchange Regulation Act, 1973 governed the whole of this decade; its replacement by…

The restrictive Foreign Exchange Regulation Act, 1973 governed the whole of this decade; its replacement by FEMA was legislated in 1999 and became operative in June 2000, outside the window

VerifiedOfficial record. Source: rbi.org.in

East Asia, transmitted to India

Asian financial crisis (currency and capital-account shock; at the decade's edge)

Portfolio outflows, rupee pressure and a tightening package on 1997-11-28 (fixed-rate repos in G-secs to bring orderly conditions in the money and forex markets)

VerifiedOfficial record. Source: rbi.org.in