Impact of ₹2,000 notes withdrawal: Currency-in-circulation growth dips to 3.7% in February
The Hindu
The growth in currency in circulation decelerated to 3.7% for the week ended February 9 from 8.2% a year ago, reflecting the impact of the decision of the RBI to withdraw ₹2,000 banknotes
The growth in currency in circulation decelerated to 3.7% for the week ended February 9 from 8.2% a year ago, reflecting the impact of the decision of the Reserve Bank of India (RBI) to withdraw ₹2,000 banknotes.
Currency-in-circulation (CiC) refers to notes and coins in circulation, while currency with the public comprises notes and coins in circulation minus cash with banks.
Also read | More than 97% of ₹2,000 notes returned: RBI
According to the RBI, commercial banks have reported double-digit growth in deposits in January, which too can be attributed to withdrawal of ₹2,000 currency notes.
The growth of Reserve Money (RM), as per the RBI data, decelerated to 5.8% as on February 9, 2024 from 11.2% a year ago (8.8% adjusted for the first-round impact of change in Cash Reserve Ratio (CRR).
Components of RM include CiC, banks' deposits in RBI and other deposits with the central bank.
The growth in CiC , the largest component of RM, decelerated to 3.7% from 8.2% a year ago, reflecting the withdrawal of ₹2,000 banknotes, according to the RBI.
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