Federation lauds RBI steps to cool rupee
OUR BUREAU
NEW DELHI, January 20: Federation of Indian Export Organisations has welcomed the nine-point measure recently announced by the Reserve Bank of India saying it will help control the forex market in the national interest.President Ramu S Deora fears that increasing the rate of refinance to banks from 9 to 11 per cent, CRR from 10 to 10.5 per cent and reducing the export refinance limit from 100 to 50 per cent and the general refinance limit from 1 to 0.25 per cent will adversely affect domestic as well as export production. He does not consider the hike in interest surcharge on import finance from 15 to 30 per cent to be of any help for exporters.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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