NEW DELHI: Indian finance minister Yashwant Sinha said Friday the country’s foreign exchange reserves level had fallen to Rs 2152 billion by the end of last December from Rs 57.87 billion at the end of last March
He said the extent of the impact of the Gulf crisis on balance of payments was evidenced by the depletion of foreign exchange reserves.
The deputy minister of commerce Shantilal P. Patil said the overall impact of the Gulf war on the balance of payments position will be of the order of $2.8 billion over a 12 month period from last October assuming oil prices stood at 25 dollars.
Article extracted from this publication >> March 1, 1991
