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The Indian central bank's decision to withdraw its highest denomination currency note from circulation is likely to improve banking system liquidity, bringing down recently elevated short term rates, analysts and bankers said.
The decision is reminiscent of a shock move in 2016 when the Narendra Modi-led government had withdrawn 86% of the economy's currency in circulation overnight.
INDIA-CENBANK/LIQUIDITY:India's note withdrawal to improve liquidity, ease short-term rates - analysts
The Indian central bank's decision to withdraw its highest denomination currency note from circulation is likely to improve banking system liquidity, bringing down
Indian government bond yields fell at the start of the week after the central bank's move to withdraw highest value currency notes improved investor appetite for fixed income assets. The... | May 22, 2023