印度下调准备金率 提高银行流动性
大耳朵英语  http://www.bigear.cn  2008-10-19 09:30:45  【打印

India Moves To Inject $8.2 Billion Into Banks


2008年10月16日



India's central bank and government moved to inject more capital into the financial system, joining other nations that have taken steps to try to boost confidence in their markets.

As part of Wednesday's moves, the Reserve Bank of India cut in the amount of cash banks must leave on hand with it by one percentage point to 6.5%. This cut to the so-called cash reserve ratio will be retroactive to Oct. 11 and will release some $8.2 billion into the banking system, according to the central bank.

'The Reserve Bank of India is committed to maintaining financial stability, and active liquidity management using all policy instruments is an integral part of this objective,' the central bank said in a statement.

In another move targeting liquidity, India's government lifted a ceiling on foreign investment in Indian corporate bonds, doubling it to $6 billion.

Indian Finance Minister P. Chidambaram said Wednesday the government had asked the central bank to immediately provide around $5.1 billion to lending institutions, which wouldn't be required to provide collateral for it.

The funds that are released to lenders will come under a loan waiver plan which the government unveiled earlier this year to help impoverished farmers. Commercial banks will get about $1.54 billion and a state-run lender to the farm sector, the National Bank for Agriculture and Rural Development, will receive around $3.6 billion.

Indian banks have remained reluctant to lend to each other, despite recent steps to boost liquidity. The Reserve Bank of India has already reduced the cash reserve ratio for commercial banks, among other measures. However, those measures haven't helped stabilize share prices, and analysts said Wednesday's moves aren't likely to rally stocks.

'I don't expect the market to feel jubilant because of this,' said Jigar Shah, head of research in Mumbai for securities firm Kim Eng Securities. 'The market was already expecting this.'

On Wednesday, India's benchmark index, the Bombay Stock Exchange's 30-stock index down 674.28 points, or 5.9%, to end at 10,809.12. The Sensex climbed a total of 9.1% on Monday and Tuesday after falling about 16% last week as the financial crisis deepened. The index is down nearly 47% so far in 2008 as foreign funds have sold shares worth near $11 billion.

Shriram Iyer, head of research at Edelweiss Securities in Mumbai, said that during the financial crisis, Indian stocks are taking their cues from battered global markets as well as domestic factors. Therefore, he said, the moves by India's central bank to try to lift the nation's market can't be looked at in isolation.

Jackie Range / Abhrajit Gangopadhyay / Subhadip Sircar


印度下调准备金率 提高银行流动性





度央行和政府加入到采取措施增强市场信心的国家行列,向金融体系注入了更多资金。

作为周三举措的一部分,印度央行将商业银行的存款准备金率下调了1个百分点,至6.5%。央行称,此次准备金率下调将追溯至10月11日生效,可向银行系统释放82亿美元资金。

印度央行在声明中称,央行致力于保持金融稳定,运用所有政策工具进行积极的流动性管理是这一目标的组成部分。

在针对流动性的另一个举措中,印度政府放宽了对外资投资印度公司债券的上限,将其增加了一倍,至60亿美元。

印度财政部长奇丹巴拉姆(P. Chidambaram)周三说,政府要求央行立刻向这些放贷机构提供约51亿美元不需抵押品的资金。

向放贷机构释放的这笔资金将将按照年初时政府救助贫困农民的一个贷款豁免计划发放。商业银行将获得约15.4亿美元,面向农业的国家农业及农村发展银行(National Bank for Agriculture and Rural Development)将获得约36亿美元。

尽管近期采取了一些提高流动性的举措,但印度的银行仍不愿彼此放贷。印度央行已经采取了降低商业银行存款准备金率等措施。不过,这些做法并未稳定股价,分析师说周三的措施不太可能提振股市。

金英证券(Kim Eng Securities)驻孟买研究部负责人Jigar Shah说,我预计市场不会因此欢呼雀跃。市场已经预料到了这点。

周三,印度基准指数孟买证交所30种股票指数下跌674.28点,收于10,809.12点,跌幅5.9%。该指数上周因金融危机加剧而下跌了约16%,本周一和周二累计上涨了9.1%。2008年以来,该指数累计下跌了近47%,外资共出售了价值近110亿美元的股票。

Edelweiss Securities驻孟买研究部负责人Shriram Iyer说,在金融危机期间,印度股市一直从低迷的全球市场和国内因素中寻找线索。因此,不能孤立地看待印度央行提振国内市场的举措。

Jackie Range / Abhrajit Gangopadhyay / Subhadip Sircar


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