Reserve Money Sees Muted Growth This Fiscal

RBI reported that currency in circulation (CIC) contracted by 0.6% on the week to stand at Rs 22.05 trillion as on 21 Jun 2019. The CIC is up 12.7% on a year ago basis. The central bank noted further that the overall reserve money rose by 11.1% on a year ago basis compared to 24.1% at the same time last year. In the current fiscal as well, reserve money grew at just 0.2% compared to 3.3% last fiscal. Currency in circulation also grew at a slower pace of 3.2% in this fiscal compared to 7% in last fiscal.

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