The Economic Survey of India 1997 (Table 3.2)

Sources of Change in Reserve Money (Variations during¹)
[TABLE 3.2]

1	Net RBI credit to Government2	101478	19871	14961	3987	21122	8897	19.6	14.7	3.3	22.2	7.6
2	RBI credit to banks3	13470	8485	-2270	-15349	2543	-4594	63	-16.9	-69.9	29.4	-41
3	RBI credit to commercial sector4	6593	262	-93	-568	-72	-213	4	-1.4	-8.3	-1.1	-3.3
4	Net foreign exchange assets of RBI5	74720	-628	-458	11482	5344	11312	-0.8	-0.6	15.5	7.8	15.2
5	Government’s currency liabilities to the public	2379	7	58	461	271	410	0.3	2.4	19.3	12.5	16.8
6	Net non-monetary liabilities of RBI	29358	2943	5436	5584	11589	3091	10	18.5	17.3	49.9	8.9
7	Reserve Money (1+2+3+4+5-6)	169282	25054	6762	-5571	17619	12721	14.8	4	-2.9	11.1	7.2

Variations are worked out on the basis of March 31 data after closure of Governments accounts. Figures for 1995-96 and 1996-97 are provisional.
Includes special securities.
Includes claims on NABARD.
Excludes, since the establishment of NABARD, its refinance to banks.
Variations are inclusive of appreciation in the value of gold following its revaluation close to the international market price since October 17, 1990. Such appreciation has a corresponding effect on RBI’s net non-monetary liabilities.

The Economic Survey Of India, 1997

Document released by the Ministry of Finance, Government of India, on 25th February, 1997.
Made available on the Web on the same day, by MediaWeb India, on The Indian Economy Overview (http://www.m-web.com).

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Sources of Change in Reserve Money (Variations during1) [TABLE 3.2]