10.11.1 India’s gross foreign exchange reserves comprise foreign currency assets of the Reserve Bank, gold held by RBI and Special Drawing Rights (SDRs) of the Government of India. India’s Reserve Position in the International Monetary Fund is not included as part of foreign exchange reserves as they may not be available on immediate demand, although some countries do include these balances as part of their reserves.
Current Status
10.11.2 The RBI has the primary responsibility of collection, compilation and dissemination of data relating to foreign exchange reserves. The data are based on actual balances as per RBI records. The foreign currency assets, consisting of various currency holdings, are converted into US dollar using the New York closing exchange rates. Gold is valued close to the international market prices. Conversion of SDRs into US dollar is done at the rates released by IMF.
10.11.3 The data on foreign exchange reserves are disseminated on a weekly basis in the Weekly Statistical Supplement (WSS) to RBI Monthly Bulletin within a week of the reference date and in the RBI Monthly Bulletin with a lag of one month. The time series data are available in the Handbook of Statistics on Indian Economy. The data on sales and purchases of US dollar by RBI implying foreign exchange market intervention are also disseminated on a monthly basis with a lag of one month in the RBI Monthly Bulletin. Forward liabilities are published every month with a lag of one month from the date of reference in the RBI Monthly Bulletin. Incidentally, it may be noted that IMF’s SDDS prescribes dissemination of data on total official reserve assets; other foreign currency assets; predetermined short-term drains on foreign currency assets; contingent short-term drains on foreign currency assets; and other related items in national currency and/or U.S. dollars with a time lag of one month (weekly encouraged). RBI has started disseminating international reserves data as per the revised data template of IMF to the extent possible.
10.11.4 The data-gathering process for foreign exchange reserves would not be adversely affected even if the country moves towards full capital account convertibility in the future.
10.11.5 The method of collection, compilation and dissemination of data on foreign exchange reserves is comprehensive and comparable with the international standards.
