India’s forex reserves adequate to tackle Brexit impact: RBI - Hindustan Times
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India’s forex reserves adequate to tackle Brexit impact: RBI

ByPTI, Kozhikode
Jun 25, 2016 08:32 PM IST

The country’s foreign exchange reserves and import cover of more than a year would be sufficient in managing the temporary effects of Brexit, a Reserve Bank official said today.


The country’s foreign exchange reserves and import cover of more than a year would be sufficient in managing the temporary effects of Brexit, a Reserve Bank official said on Saturday.

Front pages of German dailies featuring reactions on the so-called "Brexit" referendum are pictured in Berlin on June 25, 2016.(AFP)
Front pages of German dailies featuring reactions on the so-called "Brexit" referendum are pictured in Berlin on June 25, 2016.(AFP)

“India’s forex reserves of more than USD 360 billion and import cover of more than a year would be adequate in managing the temporary effects of the recent Brexit, if at all there is an impact,” RBI Regional Director, Thiruvananthapuram, S M N Swamy, said here.

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He was speaking after inaugurating a day long seminar on ‘Role of private remittances in the socio-economic scenario of Kerala’ at the Indian Institute of Management, Kozhikode (IIM-K).

Swamy also spoke on the importance of remittances in reducing India’s reliance on foreign aid, building the country’s Forex reserves as well as meeting the current account deficit, an IIM-K release said.

Chairperson of Technology Business Incubator of IIM-K Prof Keyoor Purani stressed on the importance of channelising remittances into entrepreneurial ventures so that Kerala can transform itself from a consumption to a production economy.

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