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Finance & Markets

Full flow FCNR deposits could hit $100 billion

economictimes.indiatimes.com ·

Recent surge in foreign currency non-resident (bank), or FCNR (B), deposit inflows has led analysts to raise their projections for dollar inflows through the scheme. According to Jefferies India, FCNR inflows could reach $90 billion to $100 billion by the scheme's closure on August 31, surpassing previous estimates of $70 billion to $80 billion. Indian banks have mobilized US$16 billion over eight days (13-21 August) through FCNR-B and other schemes, totaling $73 billion, exceeding analysts' expectations.

Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

Read the original at economictimes.indiatimes.com →

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Consumer sentiment in August fell for the first time in four months amid sluggish stock markets and rising prices. The Bank of Korea said on Friday that its consumer sentiment index for August came in at 86.1, down 1.1 points from July's 87.2. This was the first on-month decline since April. The August figure is still 9.6 points below the long-term average of 95.7. The bank conducts a monthly survey of 2,000 households to compile the index. The fall in consumer sentiment was led by a slump in stock markets and a rise in prices. The sub-index for current economic conditions fell 2.3 points to 63.8, and the index for future economic conditions dropped 1.6 points to 67.6. The index measuring inflation expectations over the next one year rose 0.2 points to 2.7. The Bank of Korea said it will continue to monitor how the Russia-Ukraine conflict and other external factors affect consumer sentiment. The central bank noted that the August decline was not dramatic, adding that consumer sentiment was still recovering. The government also said it will introduce measures to stabilise food prices and help with people's living costs. The Ministry of Economy and Finance said it will discuss measures with relevant ministries and announce them soon. President Yoon Suk-yeol on Friday met with his economic aides and ordered them to come up with measures to stabilise food prices. He instructed them to focus on stabilising prices of agricultural products and minimising the impact on people's daily lives. The president also called for a thorough response to typhoon damage. Typhoon Hinnamnor made landfall on Thursday, bringing strong winds and rain to the southeast. The government has set up an emergency response team and ordered the mobilisation of all available resources to minimise damage.

·hani.co.kr

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