FX regime · 23 June 1972
Sterling floats
Rupee now tied to a floating sterling, i.e. floating indirectly
Lasted until the 1975 basket peg
ReportedOfficial record. Source: IMF IFS; RBI
Prime Minister: Indira Gandhi
The Age Of Stars
Partition, planning, aid consortia and nationalised banks.
Vol. XCVIIIThe edition of 1972 · The Planned Republic3 records
- Prime Minister
- Indira Gandhi
- President
- V.V. Giri
- Finance Minister
- Yashwantrao B. Chavan
- RBI Governor
- S. Jagannathan
Bank Rate
6%
unchanged on 1971
Rupee per dollar
₹7.59
+1.3% on 1971
Inflation
6.44%
+3.36 pts on 1971
GDP growth
-0.55%
−2.2 pts on 1971
Reserves
$1,368m
+9.8% on 1971
External debt
$10,029m
+7.5% on 1971
The record for 1972 is thin. Figures and events not shown here have not been found in the sources, not been found to be zero.
Markets & Money
1 itemGBP; INR (pegged to GBP) · 23 June 1972
Sterling floated
Rupee floated down with sterling
The sterling peg gave India a large effective depreciation without an announced devaluation. This helped it absorb the 1973-74 oil shock.
ReportedPeer-reviewed. Source: Wikipedia "Exchange rate history of the Indian rupee"; Encyclopedia.com (Balance of Payments: Exchange Rate Policy)
The Ledger: what was borrowed in 1972
Full ledger →| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| Aid India Consortium | Debt relief of USD 200 mn proposed by the Bank; US share of 1971 relief was 9 of 100 | 200 | outcome not found | verified |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
