Forex reserves decline
Mumbai: Foreign exchange reserves of the country declined to $33.11 billion as of week ending 13 August 1999, a drop of $295 million over the week prior to that. Of this, foreign currency assets stood at $30.45 billion, a decline of $298 million. The decline is attributed to the Reserve Bank of India intervention in selling dollars to stem the rupee fall in the aftermath of the shooting down of a Pakistani aircraft.

The ways and means advances that the RBI granted to the government increased to Rs.5,564 crore as of 6 August 1999. Money supply (M3) showed 18.5 per cent year-on-year growth.
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State Bank of Mysore sets target
Bangalore: For the fiscal year 1999-2000, State Bank of Mysore has set a recovery target of Rs.200 crore. The bank has non-performing assets of Rs.600 crore, out of which around 50 per cent was priority sector advances.
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