India issues inflation-indexed bonds to curb gold imports

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The Reserve Bank of India (RBI) issued its first batch of inflation-indexed bonds on June 4 in an apparent bid to arrest a flight of savings from financial to non-financial assets, as gold imports approach 3% of GDP.

The issuance is the first of a monthly offering of 10-year inflation-linked government bonds, worth 10 billion rupees ($175 million) with a real yield of 1.44% over the wholesale price index. It comes as consumer price inflation remains stubbornly high in India, despite a decline in

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