However, this facility has been in existence for a decade and has supported distribution of foreign currency risks within the Indian market without increasing the overall external debt. Such a facility may come handy for a corporate, especially the exporters, having future foreign exchange receivables.
In part because the link between money growth and nominal spending appears to be less tight than it was earlier, the role of money growth in monetary policy deliberations has diminished and it appears likely that the Congress will no longer require the Fed to set and report money growth ranges.