DID YOU KNOW? Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds. India is considering another round of sovereign bonds issue to pull up the foreign exchange reserves which have significantly eroded following rupee depreciation. India issued sovereign bonds several times in the past. In order to tide over the balance of payments crisis, the government in 1991 issued "India Development Bonds" and raised $1.6 billion. In 1998, it launched the "Resurgent India" bonds soon after the announcement of nuclear tests and sanctions that followed. The scheme raised $4.2 billion. Two years later in 2001, the government rolled out "India Millennium Deposits" on the back of rising fuel prices and slowing capital flows. It was able to garner $5.5 billion.
Posted on: Sat, 13 Jul 2013 08:15:28 +0000
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