==Main Note - [Foreign Exchange Management](Foreign%20Exchange%20Management.md)==
Related Notes - [WSS - Weekly Forex Reserves](WSS%20-%20Weekly%20Forex%20Reserves.md)
1. Half-yearly reports are being prepared with reference to the positions as of 31st March and 30th September each year, and released with a time lag of about 3 months.
2. It was ==started in 2004== during the tenure of Y. V. Reddy.
1. In 2004, after a review of the main policy and operational matters relating to management of the reserves, including transparency and disclosure, the Reserve Bank decided to compile and make public half-yearly reports on management of foreign exchange reserves for bringing about enhanced level of disclosures and better dissemination of information. [^1]
2. The first such report with reference to September 30, 2003 was placed in the public domain on February 3, 2004.
3. The report was also added to the [March 2004](RBI_Monthly_Bulletin_Article_20040311_%20Report%20on%20Foreign%20Exchange%20Reserves.pdf) issue of the RBI Bulletin.
3. This article discusses the report released with reference to position at the end of [[RBI_Report_201903_32nd-Half-Yearly-Report-on-Management-of-Foreign-Exchange-Reserves-October-March-2018-19.pdf|March 2019]].
4. The 2 parts of the report details the following information:
1. **Part 1** – This contains development regarding movement of foreign exchange reserves, information on the external liabilities with regards to the reserves.
2. **Part 2** – Objectives of reserves management, risk management policies, and information and disclosure practices adopted by RBI with regard to the forex reserves.
# Part 1 - Developments during the Half-Year
1. This note is with reference to Half Yearly Report on Management of Foreign Exchange Reserves: [October 2024 - March 2025](https://rbi.org.in/Scripts/PublicationsView.aspx?id=23150)
## 1.2 Movement of Foreign Exchange Reserves
1. The country’s total forex reserves stood at USD 412.89 billion at the end of March 2019\. ^f9a243
2. The components of foreign exchange reserves are:
1. [[WSS - Weekly Forex Reserves#1.1 Foreign Currency Assets (FCA)|FCA]] - Foreign Currency Assets
2. [[WSS - Weekly Forex Reserves#1.2 Gold|Gold]]
3. [[WSS - Weekly Forex Reserves#1.3 Special Drawing Rights (SDRs)|SDR]] - Special Drawing rights
4. [[WSS - Weekly Forex Reserves#1.4 Reserve Tranche Position (RTP) at IMF|RTP]] - Reserve Tranche Position
3. Thus, the total of the above four components equals to total forex reserves maintained by RBI
### 1.2.1. How does the value of forex reserves change?
**Foreign Currency Assets**
1. More than 90% of foreign exchange reserves are in the form of foreign currency assets. They stand for assets like cash notes, bank deposits denominated in foreign currency and maintained in the nostro accounts of overseas commercial banks and foreign central banks.
2. It is maintained in a portfolio of many currencies with major ones are US dollar, Euro, Pound Sterling, Japanese yen, and includes investments in AAA rated financial instruments like issued by US and other govt. bonds.
3. *Data* - The [data](https://home.treasury.gov/data/treasury-international-capital-tic-system-home-page/tic-forms-instructions/securities-b-portfolio-holdings-of-us-and-foreign-securities) from US Treasury Department tells us about RBI's holdings of US treasury securities.
4. Amount received/lent under SAARC and ACU Currency Swap Arrangements are not included in FCA
5. The changes in value of FCA occur due to various activities of RBI like
1. purchase and sale of foreign exchange by the RBI in exchange for rupees (called [[Forex Market Interventions and Sterilisation|intervention]]), or selling/buying gold or selling/receiving SDRs;
*Data Sources:*
1. Sale/Purchase of U.S. Dollar by the RBI (in local and offshore spot, forwards and futures) in [Monthly Bulletin](https://rbi.org.in/Scripts/BS_ViewBulletin.aspx)
2. Maturity Breakdown (by Residual Maturity) of Outstanding Forwards of RBI (US$ Million)
2. income arising out of the deployment of the foreign exchange reserves;
3. [[Forex Market Interventions and Sterilisation#^b264c4|external aid receipts]] of the Central Government;
6. But changes will also occur on account of change in the exchange rate/market value of the assets (valuation effect)
7. Net change in value of FCA can be with and without valuation effect
8. Net change in value of FCA can be with valuation effect is as follows:
= change in reserves over previous period = Increase/Decrease in reserves on BoP basis + Increase/Decrease in reserves due to valuation effect
= $\displaystyle \Delta \text{Reserves} = \displaystyle \text{Actual purchases/sales during the period (at transaction prices)} + (P_2 - P_1) \times Q_2$
= $\displaystyle \Delta \text{Reserves} = (Q_2 - Q_1) \times \text{Price of transaction} + (P_2 - P_1) \times Q_2$
^4c5585
9. Just for digression, unrelated here and can be ignored:
1. If we just assume transaction price of actual/purchase sale during the period to be $P_1$
New value of reserves ($P_2 \times Q_2$) = $P_1 \times Q_1$ *(old value)* + $Δ$ Reserves (change in reserves), where
$Δ$ Reserves $=$ $(Q_2-Q_1) \times P_1$ *(Change in Quantity, that is BoP flows)* $+$ $(P_2$-$P_1$) $\times$ *$Q_2$ (valuation effect, which can be further broken down into valuation effect from old holdings and that from the new additions)
### 1.2.2. Sources of variation of foreign exchange reserves
^99ad87
1. We will analyse the BoP data to understand the sources of variation of reserves
2. Now the [Balance of Payments](https://mospi.gov.in/sites/default/files/Statistical_year_book_india_chapters/Chapter%20No.4.pdf) identity says that the Changes in Reserve account + Current Account balance + Capital Account (excluding reserves) balance + Errors/Omissions = 0
3. Capital account records changes in India’s external financial position (assets and liabilities)
4. BoP records flows during the period
1. [Current Account](External%20-%20Current%20Account%20Transactions.md)
= Exports $-$ Imports (of Merchandise) $+$ Invisibles
= Exports $-$ Imports (of Merchandise and Services) $+$ Net Income + Net Transfers
1. Merchandise (physical) Exports f.o.b, Imports c.i.f.
2. Invisibles, Net
1. 'Non-Factor Services' like software services, business and consulting services, travel/tourism, Insurance, banking, legal services, royalties and license fees;
2. Factor Income (interest, dividends, profits, salaries);
3. Secondary income/private transfers (remittances, gifts)
2. Capital Account (Net)
1. Foreign Investment = Foreign Direct Investment $+$ Foreign Portfolio Investment (including ADRs/GDRs)
2. Banking Capital - NRI Deposits (FCY)
3. Short term credit (FCY)
4. External Assistance (FCY)
5. [[ECB (Borrowings in Rupee and FCY)|External Commercial Borrowings (FCY)]]
6. Other items in capital account like
1. SDR allocation
2. leads and lags ( mismatch in customs data and bank data like delayed export receipts, advance payments against imports),
3. quota payment to IMF, India's subscription to International institution, quota payments to IMF,
4. net changes in funds held abroad of RBI - movement in balances of foreign central banks and international institutions like IBRD, IDA, ADB, IFC, IFAD etc. maintained with RBI as well as movement in balances held abroad by the Embassies of India.
5. advances received pending issue of shares under FDI, capital receipts not included elsewhere,
6. rupee debt service (interest and principal repayments on account of old civilian and non-civilian debt in respect of Rupee Payment Area (RPA)/Rupee area countries)
3. Errors/Omissions
5. The current account balance $+$ capital account balance (including $+$ new SDR allocation/(-) use of SDR, and excluding RTP) + Errors/Omissions
= Overall Balance = changes in (FCA) + SDR allocation/(-)use) *(excluding IMF borrowing/lending)*
1. Reserve Account
1. IMF - But changes in FCA/SDR can also happen upon transactions with IMF
2. If there is any purchase (borrowings from IMF)/repurchase (repurchase of its own currency upon payment of loan) from IMF, there is decrease/increase in the reserve position in the IMF, and the reserves (either under foreign currency assets of the RBI or SDR holdings, as the case may be) increase/decrease respectively. As the reserve position at IMF is also a part of foreign exchange reserves, there is no change in the level of foreign exchange reserves
3. Any purchase/sale of gold leads to decrease/increase in FCA (when RBI [transacts](https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=13013#A89) with other central banks)
6. Increase (-) or decrease (+) of reserve assets *(only assets, so excluding IMF liability = IMF borrowing/lending)*
= $-$ Overall Balance
$+$
(-)increase/(+)decrease in FCA/SDR due to purchase/repurchase from IMF
$+$
(-)increase/(+)decrease in FCA due to sale/purchase of monetary gold + monetary gold sale(+)/purchase(-)) *(these two items will offset, as it just re-balancing)*
7. ==So monetary movements (flows/changes) in total forex reserves (without valuation effect) is defined as ==
= (-)increase/(+)decrease reserve assets $+$ Net IMF ($+$Borrowing/$-$Lending) *(change in RTP)*
8. Now we shift to half-yearly report presentation, and change the sign again
$+$ is for increase and $-$ for decrease
Change in forex reserves
= Overall Balance
= changes in (FCA) + SDR (+allocation/(-)use) + changes in Gold $+$ Net IMF ($-$Borrowing/$+$ Lending) *(change in RTP)*............(I)
9. But changes in overall value of forex reserves will also occur on account of change in the exchange rate/market value of the assets (valuation effect).
1. So net/overall change in value of forex reserves/monetary movements (during that period)
=
==net flows/change in forex reserves
$+$
(value of closing stock of reserves at the rate prevailing at the end of the period $-$ value of same closing stock of reserve assets at the rate prevailing at the beginning of the period) *(Valuation effect)==* where stock of reserves = FCA$+$Gold$+$SDR$+$RTP
2. $\displaystyle \Delta \text{Reserves} = \displaystyle \text{Actual purchases/sales during the period (at transaction prices)} + (P_2 - P_1) \times Q_2$ ($+$increase/($-$)decrease)
10. Nov 23, 2010 - [Link](https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=13013#A89) to Balance of Payments Manual by RBI
11. **Summary:**
1. Thus, the level of reserves is largely the outcome of RBI's intervention in the foreign exchange market to smoothen exchange rate volatility ==(largely our reserves are borrowed resources)==, external assistance/aid receipts , interest income from deployment of reserves, and valuation changes due to movement of the US dollar against other major currencies of the world/and market value of the foreign securities and gold.
12. On the other hand, the [IIP data](https://rbi.org.in/scripts/Pr_DataRelease.aspx?SectionID=356&DateFilter=Year&Part=Annual) shows total stock (as on the end of the period) of external assets and liabilities = Opening stock $+$ Net flows $+$ Valuation changes
13. ==Sign Convention (in the Half-Yearly Report): Increase/accretion in reserves is shown as (+) and decrease/depletion in reserves (-)==
1. Example: If current account balance for a April-December 2023 is -USD 30.7 billion and capital account balance is 63.6, IMF (Net) is 0, then change in reserves (without valuation effect) is equal to -USD 32.9 billion.
14. ==Sign Convention (in the below BoP Table): Increase/accretion in reserves is shown as ($-$) and decrease/depletion in reserves ($+$)==
15. **Balance of Payments**
1. Department - The data on BoP is compiled by the Division of International Finance, Department of Economic and Policy Research, at the RBI.
1. Must Read - IMF. *Special Data Dissemination Standard (provided by IMF to India)*. Retrieved on March 2026. [Link](https://dsbb.imf.org/sdds/dqaf-base/country/IND/category/BOP00)
2. Data Releases (Balance of Payments) - tentative dates.
1. [Balance of Payments](https://rbi.org.in/scripts/SDDS_ViewDetails.aspx?Id=5&IndexTitle=Balance%20of%20Payment) - Quarterly Reports
1. April-June - September 30
2. July-September - December 31
3. October-December - March 31, next year
4. January-March, 2026 - June 30
2. RBI's Monthly Bulletin - Table "India’s Overall Balance of Payments (US $ Million)"
3. RBI's Annual Report
3. Balance of Payments Manual for India
1. 1993 - [BPM5](https://www.imf.org/en/Publications/Books/Issues/2016/12/30/Balance-of-Payments-Manual-157) was issued by IMF
2. 2009 - [BPM6](https://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm) was issued by IMF
3. Nov 23, 2010 - [Report](RBI_Group-Committee_20101123_Report%20of%20the%20Working%20Group%20on%20Balance%20of%20Payments%20Manual%20for%20India.pdf) of the Working Group on Balance of Payments Manual for India (based on BPM6)
Balance of Payments (BoP) table from the Annual Report of 2024-25
![[RBI_Image_Balance of Payments (BoP) table from the Annual Report of 2024-25.png|450]]
<sub>Source – Annual Report of the RBI for 2024-25</sub>
>Quick Fact - In 1990, India was left with only four weeks of forex cover and it had to pledge the gold in its reserve to get foreign currency deposits.. Rupee was then forced to devalue around 20% in a short period of time around July 1991. This devaluation was aimed to help India fix its current account deficit. Weaker rupee made Indian exports competitive and imports expensive.
## 1.3 Forward Outstanding
1. RBI intervenes in the forward market to manage stability in price of foreign currencies in on-shore market. When RBI buys/sells dollars in the forward market, it assumes a liability/obligation to fulfill them.
2. The position of RBI in forward market at the end of March 2019 is USD 13.77 billion (payable). Thus, it has a net short position in USDINR contracts in forward market. It is an obligation to pay USD worth 13.77 billion as per the expiry of different contracts.
3. [[Foreign Exchange Management#^9d8c15|Data sources]]
## 1.4 External Liabilities
> This table gives a picture of India’s international investment position at the end of Dec 2017 versus the end of Dec 2018\. IIP, in short, is a summary record of a country's external financial assets and liabilities.
India's International Investment Position [(IIP)](https://rbi.org.in/scripts/Pr_DataRelease.aspx?SectionID=356&DateFilter=Year&Part=Annual) is released on a quarterly basis with a lag of 3 months. The country's forex reserves is part of India's total stock of external assets.
## 1.5 Adequacy of Reserves - Quantitative Indicators
1. **Reserve cover for imports**
1. At end of Sept 2018, foreign exchange cover for imports was 9.5 months.
2. At the end of Dec 2018, the foreign exchange reserves was equal to cover India’s Imports for 9.1 months.
*Source \- Press Release (India’s External Debt as the end of September 2018, released on Dec 31, 2018\)*
2. **External debt**
1. Total debt - At end of Sept 2018, India’s total external debt was US$510.4 billion.
2. Short-term debt (original maturity) - The short-term debt are debt issued with an original maturity of up to 1 year. They also include bank deposits like NRI deposits with a term of less than one year. India’s short term liabilities to foreign investors stood at US$104.3 billion. Thus, the ratio of short-term debt (original maturity) to total forex reserves stood at 26.1%.
3. Short term debt on a residual maturity basis ( debt owed to foreign investors which includes long-term debt issued with maturity more than a year but falling due within the next 12 months and short term debt based on original maturity) is 43.8% of total external debt and 55.8% of foreign exchange reserves.
1. Hence, the country has to repay 43.8% of its external debt within a year if they are not rolled over by investors.
2. Long-term debt are debt issued with an original maturity of more than 1 year. It stood at US$ 406.1 billion. Thus, the ratio of long-term debt to total forex reserves stood at 73.9.1%.
3. Thus, 20.4% of our external debt has to be paid within a year and the rest of 79.6 % has been issued with an original maturity of more than 1 year.
4. Currency-wise - *India’s external liabilities was mostly in USD.*
1. Debt in USD made up the biggest component of external debt with 49.7% share.
2. Debt that was held by foreign investors in INR was 36.1%, SDR 5.3%, yen 4.3% and euro 3.2%.
*Insert Table: Borrower-wise classification of debt. The table classifies India’s external debt based on the issuer of it.*
5. Sovereign debt is the debt that is issued by the Union Government of India.
1. It includes money borrowed for assistance, defence debt, investment made by foreigners \-FPIs, foreign central banks, international institutions and IMF \- in government securities/treasury bills.
2. At the end of Sept 2018, \$102.7 bn was owed by the government to foreign investors. This is 20.12% of total external debt and 25.64$ of total foreign exchange reserves.
3. The Non-Government debt stood \$407.7 bn, which was 79.88% of total external debt and 74.36% of total forex reserves.
3. **Summary list of [[Forex Reserves#^43bcba|quantitative Indicators]] of adequacy of reserves**
1. trade-based indicators
1. Reserves/Imports
2. debt based indicators
1. external debt to GDP,
2. debt service ratio – ratio of gross external debt (principal and interest) to external current receipts.
3. reserves to total debt,
4. concessional debt to total debt
5. *short-term debt (original maturity) to reserves - It is the single most important indicator of reserve adequacy in countries with *significant but uncertain access to capital markets.*
6. short-term debt (residual maturity) to total debt
## 1.6 Management of Gold Reserves
1. A short note on [[WSS - Weekly Forex Reserves#1.2 Gold|monetary gold holdings]]
2. 2008-09 - The value of gold held was US$ 10 billion during the GFC year of 2008-09
3. 2009-10 - It increased when RBI purchased 200 metric tonnes of gold from the IMF in November 2009 (RBI, 2010) and thus the value of gold almost doubled reaching US$ 18 billion in 2009-10 ([Chart 6](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=20941#C6)).
1. In 2009, under the governorship of D Subbarao, India purchased 200 metric tonnes of gold worth US$6.7 bn from IMF as it found the opportunity to be “very attractive” to add gold to its reserves and diversify its overall foreign exchange reserves. The decision was thus a part of a broader risk management strategy considering the evolving global macro-economic scenario, and the rising yields on US treasuries.
2. This purchase was under a programme of gold sales limited to 403.3 tonnes during October 19-30, 2009\. RBI paid IMF $6,699 million or Rs 31,462.88 crore at an average price around $1040 per Troy ounce.
3. The rest 292.3 tonnes is held in India, mostly at the Nagpur vault of RBI.
4. **Share of gold**
1. At end-September 2018, share of gold (in USD terms) in total forex reserves was at 5.08%
2. At end March 2019 - It increased to 5.59% at end March 2019 as the price of gold increased in dollar terms.
5. Though India has sufficient reserves in form of foreign currency deposits, experience of 1991 has proved that gold is the “ultimate rescuer” in case of emergency.
6. RBI also cannot legally actively manage gold; reserves were mostly dormant in 2000s.
7. *Related* - [[Non-Monetary Gold and the RBI|Gold imports and RBI]]
8. Details of data on gold reserve as per Reserve Bank of India from year 2000-2001 to 2020-21:
## 1.7 Investment Pattern of the Foreign Currency Assets
1. Since reserves are maintained as risk buffers, India’s reserves are kept in major convertible currencies and reserve management is guided by the principle of safety, liquidity and return.
2. At end of March 2019, out of total FCA assets worth $385.35 billion,
1. 61.52% was in securities *(Securities do not include investments in bonds of IIFC(UK)*,
2. 30.60% in the form of deposits with other central banks & BIS,
3. and the remaining 7.88% with overseas branches of commercial banks.
## 1.8 Other Related Aspects
### 1.8.1 Financial Transaction Plan
FTP plan of the IMF is the scheme by which the fund provides lending in form of foreign currency deposits and SRDs to its members in General Resources Account. The credit is usually availed by nations having trouble with balance of payments position.
It was previously known as Operational Budget.
IMF has selected India to contribute to this fund as India has sufficient forex reserves and a “comfortable” external debt position. It is therefore a “creditor” member of FTP plan of IMF.
The detailed process of selection of members to finance IMF transactions can be found in the IMF Articles of Agreement.
Members of IMF can avail funds from this facility by purchase-repurchase mechanism. When members avail credit from the fund either through SDRs or by subscribing to the currencies of the “creditor member”, then it is a purchase transaction. The payment
During the half-year review, there were 2 purchase transaction equal to $532.12 mn and 4 repurchase transaction equal to $154.46 million
### 1.8.3 SAARC Swap Arrangement between India and Bhutan
1. This [[SAARC Currency Swap Arrangement|note]] explains about the SAARC swap arrangement
### 1.8.5 Investment in bonds issued by IIFC(UK)
1. IIFC(UK) is the offshore subsidiary of India Infrastructure Finance Company Ltd (IIFCL). It was set-up with an aim to provide loans in foreign currency to companies importing for infrastructure projects in India. This would create a new source for infrastructure financing as firms in India would not have to be dependent only on local financial institutions for external borrowings..
2. To fund itself, IIFC(UK) can avail a maximum assistance of upto $5 billion from RBI.
3. At end of March 2019, outstanding investment in the bonds issued by IIFC(UK) stood at USD 1.86 billion
# Part-2
## 2.1 Objectives of Reserve Management
### 2.2 Legal Framework
1. The Reserve Bank of India Act, 1934 details the framework on how reserves can be held in foreign currency assets and gold based on broad parameters like currencies, instruments(investment options), issuers and counterparties.
2. The following sub-sections covers the legal framework for managing of foreign exchange reserves \- 17 (6A), 17(12), 17(12A), 17(13) and 33(6).
3. The act allows RBI to deploy forex reserves in following investment options:
1. Deposits with other central banks and BIS
2. Deposits with overseas commercial banks
3. Debt instruments issued by the government of other nations or guaranteed by them with remaining maturity not more than 10 years
4. Other instruments/institutions as approved by the Central Board of the Reserve Bank in accordance with the provisions of the Act
5. Transacting in certain types of derivatives
### 2.3 Risk Management
1. RBI also does consultation with the Government of India on composition of different currencies and different investment options as part of formulating strategy on managing reserves
#### 2.3.1 Credit Risk
1. Credit Risk refers to the risk of default on a debt due to a borrower failing to make required payments.
2. Thus, even RBI is exposed to this risk on various investments it makes using foreign exchange reserves in the international market. To minimise this risk, it invests in debt/treasury bills issued by governments, central banks and supranational organisations that have strong financial position and therefore, enjoy high credit-rating by credit-rating agencies.
3. Also, deposits are placed with central banks, the BIS and foreign branches of commercial banks. With a view to avoid losses due to default, RBI has a documented process to select the issuers/counterparties. Liquidity of instruments is another important criteria as it helps the investor to easily exit/sell the investments.
#### 2.3.2 Market Risk
1. Market Risk, also called Systematic Risk, refers to the risk any investment may face due to unforeseen movement in factors that affect financial markets. Currency risk, interest rate risk and liquidity risk are the three most important forms of market risk affecting the value of foreign exchange reserves.
2. For RBI, the change in the value of US securities and that of the different currencies in the portfolio of foreign currency assets represents market risk. This may happen due to changes in interest rates, foreign exchange rates, stock prices and commodity prices.
3. Change in the valuation of Gold and FCA due to changes in the price of gold and of exchange rates are recorded in balance sheet under the head named Currency and Gold Revaluation Account, abbreviated as CGRA. Thus, the balances in CRGA provide buffer against extreme movements in gold price or exchange rates.
4. Foreign date securities are valued at market prices on the last business day of each month and the change in the value is transferred to the balance sheet under the head named Investment Revaluation Account. Thus, the balances in IRA account help RBI deal with extreme movements in the prices of securities they hold.
#### 2.3.2.1 Currency Risk
1. Currency risk refers to unfavorable movement in exchange rates. RBI regularly reviews its strategy on exposure to different currencies based on its understanding of movement in exchange rates over long term and other factors that can affect in the medium term.
#### 2.3.2.2 Interest Rate Risk
1. Interest rate risk arises due to adverse movement in interest rates. A rise in bond yields in the US will reduce the value of bonds lowering the total value of the foreign exchange reserves.
#### 2.3.2.2 Liquidity Risk
1. Liquidity risk is the risk of not being to sell or exit current investment position whenever required without significantly eroding the value of the instrument. If the market is illiquid for any instrument, then the cost of exit gets very high.
Apart from the cost of exit, it is the possibility of any sudden need of forex reserves due to adverse situation on external front that creates the need for a highly liquid portfolio of foreign exchange reserves.
The instruments which are considered to be less liquid than others in portfolio of reserves are \- FDs with the BIS, commercial banks overseas, central banks and investment options of supra-nationals.
The Reserve Bank closely monitors the portion of reserves, that could be quickly converted into cash in a very short period of time, in case of a crisis.
#### 2.3.2.3 Operational Risk and Control System
II.4 Transparency and Disclosure
1. The Reserve Bank tries to release as much information as possible about its activities to ensure a high level of transparency. The institute strives to follow international best practices in this regard.
2. [[Foreign Exchange Management#Data Releases|Data]] related to foreign exchange reserves, operations in foreign exchange market, the country's external assets and liabilities, earnings from foreign currency assets and gold through various press releases like Weekly Statistical Supplements, Monthly Bulletins, Annual Reports, etc
3. RBI is also one of the 61 central banks that uses [[Foreign Exchange Management#^c3ffd7|SDDS template]] prescribed by IMF to publish a detailed data on foreign exchange reserves
# Related Notes
1. [WSS - Weekly Forex Reserves](WSS%20-%20Weekly%20Forex%20Reserves.md)
2. [Forex Reserves](Forex%20Reserves.md)
# Data Releases
1. [Link](Foreign%20Exchange%20Management.md#Data%20Releases)
# References
1. Y.V.Reddy. (October 8, 2007). *Forex Reserves, Stabilization Funds and Sovereign Wealth Funds: Indian Perspective*. Golden Jubilee Celebrations of the Foreign Exchange Dealers’ Association of India, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=357) | [[RBI_Speech_20071008_Forex Reserves, Stabilization Funds and Sovereign Wealth Funds- Indian Perspective_Dr. Y.V.Reddy.pdf|pdf]]
2. RBI. (March 11, 2004). ==First edition of Half Yearly Report on Management of Foreign Exchange Reserves==. RBI Bulletin [Link](https://rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=5157) | [pdf](RBI_Monthly_Bulletin_Article_20040311_%20Report%20on%20Foreign%20Exchange%20Reserves.pdf)
3. Dec 07, 2012. ==Perspectives on India’s Balance of Payments==. (Speech by Shri Deepak Mohanty, Executive Director, Reserve Bank of India at the School of Management, KIIT University, Bhubaneswar on December 07, 2012). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=757)
4. RBI. ==Half Yearly Report on Management of Foreign Exchange Reserves==. [Link](https://rbi.org.in/Scripts/Publications.aspx?publication=HalfYearly)
5. RBI. (Oct 12, 2009). Manual for RBI Bulletin. [Link](https://www.rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=10679) | [pdf](RBI_Monthly_Bulletin_20091012_Notes%20on%20Tables.pdf)
6. RBI. (Nov 23, 2010). Balance of Payments Manual for India. [Link](https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=13013)
7. IMF. Special Data Dissemination Standard (provided by IMF to India). Retrieved on March 2026. [Link](https://dsbb.imf.org/sdds/dqaf-base/country/IND/category/BOP00)
8. GoI. (Jan 29, 2026). "External Sector: Playing the Game" in Economic Survey for 2025-2026. [pdf](GoI_Economic%20Survey_2025-26_External%20Sector.pdf)
[^1]: Y.V. Reddy. (2002, May 10). *India’s Foreign Exchange Reserves : Policy, Status and Issues*. National Council of Applied Economic Research, New Delhi. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=109) | [[RBI_Speech_020510_India’s Foreign Exchange Reserves - Policy, Status and Issues by Y.V. Reddy_.V. Reddy.pdf|pdf]]