SWF to manage India's FX reserves?

Part of India's foreign exchange reserves, owned by the central bank, could be better managed by a sovereign wealth fund, Y.V Reddy, the governor of the Reserve Bank of India, said on Monday.

India held $214 billion in reserves as of June last year, according to International Monetary Fund data. At the end of 1997, the country held $28 billion in reserves. Reddy said that the rise in the level of reserves had been matched by expectations regarding returns, but that the central bank was

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