IMF Current Affairs - 2019

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Indian Foreign Exchange Reserves increased by $2.063 billion

The data from the Reserve Bank of India (RBI) shows that the Foreign Exchange Reserves of India increased by $2.063 billion to $400.24 billion in the week to February 1. The foreign exchange reserves had increased by USD 1.497 billion to reach USD 398.178 billion in the previous week corresponding to January 25. The increase in the value of the Foreign Exchange Reserves is attributed to the increase in foreign currency assets.

India’s Forex Reserves

The components of India’s Forex reserves are:

  • The Foreign Currency Assets which forms a major component of the overall reserves increased by $1.280 billion to $373.430 billion. Foreign currency assets expressed in USD are subjected to the effects of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
  • In the reporting week, the gold reserves also increased by $764.9 million to $22.686 billion.
  • India’s special drawing rights with the International Monetary Fund (IMF) rose by $6.2 million to $1.470 billion.
  • India’s reserve position with the IMF also increased by $11.2 million to $2.654 billion.

Foreign Exchange Reserves are used to back liabilities on their own issued currency as well as to influence monetary policy. These reserves act as a buffer during the challenging times to the economy.

Pravasi Bharatiya Samman Awards 2019

President Ram Nath Kovind conferred Pravasi Bharatiya Samman Awards 2019 to 30 awardees. The awards were conferred during the Pravasi Bharatiya Divas being held at Varanasi.

The winner of this prestigious award includes Gita Gopinath chief economist of IMF, Nihal Singh Agar, founding president of VHP in Australia and Ramesh Chotai, former president of Hindu Mandir and Cultural Centre in Canada.

Pravasi Bharatiya Samman Awards

Pravasi Bharatiya Samman Awards is the highest honour conferred on overseas Indians. The awards are conferred on a Non-Resident Indian, Person of Indian Origin or an organization or institution established and run by the Non-Resident Indians or Persons of Indian Origin, who has made a significant contribution in any one of the following fields:

  • Better understanding about India abroad;
  • Support to India’s causes and concerns in a tangible way;
  • Building closer links between India, the overseas Indian community and their country of residence;
  • Social and humanitarian causes in India or abroad;
  • Welfare of the local Indian community;
  • Philanthropic and charitable work;
  • Eminence in one’s field or outstanding work, which has enhanced India’s prestige in the country of residence; or
  • Eminence in skills which has enhanced India’s prestige in that country (for non-professional workers).

Usually, the Pravasi Bharatiya Samman Awards are conferred by President during the Pravasi Bharatiya Samman Awards.