During 2003-04, the significant increase in forex reserves has been accompanied by (i) smooth redemption of $ 5.5 billion of Resurgent India Bonds (RIB), (ii) prepayment of certain high-cost foreign currency loans of the Government of India amounting to $ 3.7 billion and (iii) India participating in the IMF’s financial support to Burundi, Brazil and Indonesia to the extent of $ 561 million.
While there are good reasons for this – low CPI inflation and very low international interest rates – the cost of credit is now only slightly above average  2  4  http://www.rbnz.govt.nz/monpol/about/2452274.pdfhttp://www.productivity.govt.nz/sites/default/files/Final percent20Housing percent20Affordability percent20Report_0_0.pdf  BIS central bankers’ speeches  rental yields of 4.5 percent per year.