Perpetuating short-termism
11 years, 8 months ago

Perpetuating short-termism

The Hindu  

The measures announced by the Reserve Bank of India on Monday evening, aimed at restricting credit to banks and curbing speculation in the foreign currency markets, reflect the central bank’s growing helplessness in the face of the rupee’s free fall against the dollar. The measures announced include a Rs.12,000 crore open market sale of bonds, fixing a lower borrowing limit for banks and raising the interest rate on the marginal standing facility. The new rate, 10.25 per cent, is 3 percentage points above the repo rate; and, despite denials from the Finance Minister, might well portend a tighter than anticipated monetary policy statement two weeks from now. The financial markets’ sharp reaction to the reported tapering off of the ultrasoft monetary policies of the U.S. Federal Reserve might be an overreaction but it has clearly exposed the external economy’s vulnerabilities, especially in the context of the large current account deficit.

India Rate Rbi Rupee  shorttermism  sharp  fall  rupees  perpetuating  rbi  option  rate  short  rupee  banks  markets

History of this topic

India’s forex reserves hit $654 billion to record biggest weekly gain in 3 years driven by RBI’s liquidity boost
2 weeks, 3 days ago

India’s forex reserves hit $654 billion to record biggest weekly gain in 3 years driven by RBI’s liquidity boost

Live Mint  

India’s dollar stockpile had its biggest weekly gain in over three years, bolstered by the Reserve Bank of India 's currency swap operations and liquidity boost last month. This comes after the RBI injected $10 billion through a foreign-exchange swap auction on February 28, stepping up efforts to ease a crunch in the financial system. RBI liquidity boost RBI injected …

Govt wants rupee stability; RBI may again aggressively defend the currency
3 weeks, 1 day ago

Govt wants rupee stability; RBI may again aggressively defend the currency

Live Mint  

Mumbai/New Delhi: The Reserve Bank of India is expected to continue defending the rupee, with the government expressing confidence that the central bank's strategic interventions would stagger the pace of slide, according to a senior official. There is no change in the forex policy of the central bank despite several quarters believing that under the new governor Sanjay Malhotra, RBI …

Realign policies of RBI to changing economic realities
3 weeks, 2 days ago

Realign policies of RBI to changing economic realities

New Indian Express  

Under the new leadership, the Reserve Bank of India is ‘undoing’ some of the measures taken during the previous regime to allow the banking system to breathe easy. By the time Sanjay Malhotra took the reins of the central bank from Shaktikanta Das in December last year, India’s growth had slowed down to 5.6 percent, and the equity market was …

RBI to conduct $10 billion forex currency exchange to infuse liquidity in India’s banking system
1 month, 1 week ago

RBI to conduct $10 billion forex currency exchange to infuse liquidity in India’s banking system

Live Mint  

MUMBAI - The Reserve Bank of India will conduct a massive $10 billion three-year dollar/rupee swap auction next week to infuse durable rupee liquidity into the banking system, which has been reeling under large cash deficits, the central bank said on Friday. "The three-year maturity of the swap indicates that the RBI is looking at injecting more durable liquidity in …

RBI pumps in Rs 45 trillion in banking system since December to meet liquidity needs
1 month, 1 week ago

RBI pumps in Rs 45 trillion in banking system since December to meet liquidity needs

New Indian Express  

MUMBAI: The Reserve Bank has injected a whopping Rs 45 trillion into the banking system since the December 6 monetary policy review when it slashed the cash reserve ratio by 50 bps to 4%, releasing Rs 1.16 trillion into the system. Of the total, more than Rs 43 trillion of fresh liquidity has flown into the system between December 11 …

RBI’s cautious policy stance
1 month, 3 weeks ago

RBI’s cautious policy stance

Hindustan Times  

The RBI Monetary Policy Committee has finally reduced interest rates — by 25 basis points to 6.25%; one basis point is one-hundredth of a percentage point — after five years or May 2020, to be precise. By lowering interest rates — analysts believe Friday’s announcement will be followed by at least one more reduction — RBI has given a further …

RBI kicks off rate cut cycle—what it means for borrowers and markets
1 month, 3 weeks ago

RBI kicks off rate cut cycle—what it means for borrowers and markets

Live Mint  

The long-awaited policy rate easing by the Reserve Bank of India is finally here. Meanwhile, GDP growth, at 5.4% in the July–September 2024 quarter, is estimated at 6.5% for the full fiscal year—below India’s potential growth rate, warranting monetary support. The RBI is also introducing forward contracts in government securities, enabling long-term investors like insurance funds to better manage interest …

Liquidity support is priority; rate cut a close call
1 month, 3 weeks ago

Liquidity support is priority; rate cut a close call

Live Mint  

The backdrop of the monetary policy committee meeting later this week is a complex one. So, the MPC must decide whether to stay cautious given the high retail inflation prints in recent months or deliver a rate cut relying on the RBI’s forecast of benign future inflation—overall, it seems to be a close call in February, rather than being a …

OPINION: Budget 2025 Can Play A Critical Role In Strengthening Rupee, Boost FOREX Reserves. Here's How
2 months ago

OPINION: Budget 2025 Can Play A Critical Role In Strengthening Rupee, Boost FOREX Reserves. Here's How

ABP News  

By CMA Maithili Malpure The Indian economy is currently facing significant challenges, with the Rupee weakening and foreign exchange reserves shrinking. Budget 2025 Expectations In light of these challenges, the Union Budget 2025 aims to stabilise the economy, attract foreign investment, and ensure sustainable growth. By focusing on the common man's concerns and implementing measures to improve the overall economic …

RBI’s ₹1.5 trillion liquidity boost: How will it help?
Trending News
2 months ago

RBI’s ₹1.5 trillion liquidity boost: How will it help?

Live Mint  

The Reserve Bank of India has announced a set of forex and money market measures that will collectively infuse ₹1.5 trillion over time, amid a clamour for liquidity from multiple bankers and money market participants. Average liquidity deficit in the interbank market crossed ₹3.3 trillion last week, thanks to heavy goods and services tax outflows. The liquidity deficit has been …

RBI Liquidity Steps Send Indian Bond Yields to a Three-Year Low
2 months ago

RBI Liquidity Steps Send Indian Bond Yields to a Three-Year Low

Live Mint  

-- Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. “We see measures as a decisive turn in the monetary policy easing cycle by the Reserve Bank of India,” Goldman Sachs Group Inc.’s economists led by Santanu Sengupta, wrote in a note. The Reserve Bank of India late Monday said it …

India’s RBI to ‘Play it Slow’ on Defending Rupee, Axis Bank CEO Says
2 months, 1 week ago

India’s RBI to ‘Play it Slow’ on Defending Rupee, Axis Bank CEO Says

Live Mint  

-- India’s central bank is unlikely to mount a strong defense of the rupee despite the currency’s sharp depreciation, according to Axis Bank Ltd.’s chief executive officer. Chaudhry said he isn’t hopeful of major fiscal support measures in India’s annual budget scheduled to be presented next month, since the government is committed to reducing the fiscal deficit. “You need to …

Rupee tantrums: The risk and cost of RBI's approach
2 months, 2 weeks ago

Rupee tantrums: The risk and cost of RBI's approach

Live Mint  

The excessive exchange-rate stability of the past two years may have come at huge cost to the economy. Reports suggesting that the RBI may be less inclined to persist with its tight control over the exchange rate under new governor Sanjay Malhotra added downward pressure in forex markets, sending the rupee to a new low of 86.63 against the dollar …

RBI to continue interventions in forex market, despite tight liquidity
2 months, 2 weeks ago

RBI to continue interventions in forex market, despite tight liquidity

Live Mint  

Tight liquidity will not bind the Reserve Bank of India’s hands in intervening to curb excessive rupee volatility in the forex market, said a senior official aware of the thinking at the central bank. While liquidity management will not be a constraint for RBI to intervene in the forex market, bankers believe that the central bank will have to infuse …

India’s forex reserves lowest in 10 months after rupee crashes to all-time low of 86.04 against US dollar
2 months, 3 weeks ago

India’s forex reserves lowest in 10 months after rupee crashes to all-time low of 86.04 against US dollar

Live Mint  

India's foreign exchange reserves plunged for the fifth consecutive week to hit a 10-month low of $634.59 billion as of January 3. Data from the Reserve Bank of India showed on Friday that the forex kitty declined by $5.7 billion in the reported week after falling by a cumulative $17.8 billion in the previous three weeks. Forex reserves have been …

Forex reserves slide to 10-month low as rupee hits new law of 85.97
2 months, 3 weeks ago

Forex reserves slide to 10-month low as rupee hits new law of 85.97

New Indian Express  

Amid the rapidly weakening rupee, the Reserve Bank continued to sell dollars to prevent it from falling to the psychologically sensitive 86-mark. The reserves fell to a 10-month low of $634.59 billion for the week ending January 3, losing $5.7 billion from the previous week, data from the Reserve Bank showed on Friday. The reserves also lost due to the …

India’s forex reserves drop $2 bn to $653 bn in December; RBI estimates 11-months of import amid multi-month low
3 months, 1 week ago

India’s forex reserves drop $2 bn to $653 bn in December; RBI estimates 11-months of import amid multi-month low

Live Mint  

India's foreign exchange reserves are sufficient to meet over 11 months of import needs and nearly 96 per cent of external outstanding debt requirements as of the end of June 2024, reported the news agency ANI citing the Reserve Bank of India on Tuesday, December 24. The forex reserves rose $6.4 billion in the financial year 2024-25 to $652.9 billion …

Indian Banking Liquidity Deficit Hits Highest in Six Months
3 months, 2 weeks ago

Indian Banking Liquidity Deficit Hits Highest in Six Months

Live Mint  

-- The liquidity deficit in the Indian banking system hit the highest in nearly six months on advance tax payments by companies and likely dollar sales by the central bank to curb rupee volatility. The banking system cash deficit, as measured by banks’ borrowings from the Reserve Bank of India, was at 1.5 trillion rupees as of Monday, the highest …

Recent fall in forex reserves is not sharpest decline: MoS Finance in Lok Sabha
3 months, 2 weeks ago

Recent fall in forex reserves is not sharpest decline: MoS Finance in Lok Sabha

Live Mint  

New Delhi, December 16 : The government on Monday clarified that the recent decline in India's foreign exchange reserves is not the highest decline in the country's history. Minister of State for Finance, Pankaj Chaudhary, stated in a written reply in the Lok Sabha that the reserves declined by 2.63 per cent during the week ending November 15, 2024, compared …

Indian rupee to face renewed pressure as US yields climb
3 months, 2 weeks ago

Indian rupee to face renewed pressure as US yields climb

Live Mint  

By Nimesh Vora MUMBAI, Dec 16 - The Indian rupee, having witnessed slight relief late last week, is likely to come under renewed strain on Monday on the back of a further rise in U.S. Treasury yields. "With inflation remaining sticky, and President-elect Trump looking to strengthen the U.S. growth performance, the Fed is set to signal a more cautious …

RBI Is Said to Shore Up Banking Liquidity Before Rate Decision
3 months, 3 weeks ago

RBI Is Said to Shore Up Banking Liquidity Before Rate Decision

Live Mint  

-- India’s central bank has been shoring up banking system liquidity ahead of a key policy decision, having depleted it in recent days in its efforts to stabilize the rupee, according to people familiar with its transactions. The moves come at a time when the slowest pace of economic expansion in almost two years is mounting pressure on central bank …

India’s forex reserves hit 5-month low of $656 billion, drop by $47 billion in 7 weeks; Rupee crashes to 8-month low
Trending News
4 months ago

India’s forex reserves hit 5-month low of $656 billion, drop by $47 billion in 7 weeks; Rupee crashes to 8-month low

Live Mint  

India's foreign exchange reserves extended losses for the eighth consecutive week to hit a five-month low after dropping by $47 billion cumulatively in the last seven weeks. The forex reserves dropped by $1.31 billion to $656.582 billion for the week ended November 22, Reserve Bank of India data showed on Friday. Forex traders said dollar demand from importers for meeting …

RBI Inquiries on Liquidity Spur Speculation of Action Next Week
4 months ago

RBI Inquiries on Liquidity Spur Speculation of Action Next Week

Live Mint  

-- India’s central bank has stepped up dialogue with traders at treasury desks this week about cash conditions in the banking system, according to people with knowledge of the matter, spurring speculation it may announce some measures to boost liquidity at the policy review on Dec. 6. Banks turned net borrowers from the central bank this week compared with a …

India’s forex reserves drop for fifth week amid RBI’s possible intervention to support rupee
4 months, 3 weeks ago

India’s forex reserves drop for fifth week amid RBI’s possible intervention to support rupee

India TV News  

India’s foreign exchange reserves fell for the fifth consecutive week, falling $2.675 billion to $682.130 billion in the week ended November 1, according to RBI data. The record reserves of $704.885 billion are slowly dwindling, likely due to RBI intervention to support the rupee. Reserve levels falling after all-time highs Recent reserve declines that peaked last month included $3.7 billion, …

Forex reserves dip for fifth week to over two-month low, rupee slides to record low
4 months, 3 weeks ago

Forex reserves dip for fifth week to over two-month low, rupee slides to record low

New Indian Express  

MUMBAI: The foreign exchange reserves continued to fall for the fifth consecutive week to an over two-month low of $682.13 billion for the week ending November 1, dropping by $2.7 billion as the central bank continued to defend the unit which has been under continuous assault by the dollar. Since the peak it climbed in the week to September 27, …

Forex kitty up by $10 billion to $667 billion
8 months, 1 week ago

Forex kitty up by $10 billion to $667 billion

New Indian Express  

MUMBAI: The country’s forex reserves, a key monetary defence against external risks, have rallied by a whopping $10 billion to touch an all-time high of $666.85 billion as of the week ending July 12, boosted by the heavy inflow into government debt after its inclusion into a global debt index from late last month. According to the latest data released …

The hidden aspects of monetary policy
9 months, 3 weeks ago

The hidden aspects of monetary policy

Live Mint  

The Reserve Bank of India's monetary policy committee left the key policy rates unchanged for the eighth consecutive time, and maintained the policy stance as ‘withdrawal of accommodation’. Given the volatile nature of vegetable prices in India, there is a case to exclude the ‘one-off price shock’ of vegetable prices and look at the ‘underlying inflation trend’ in the context …

What is the outlook on the global economy? | Explained
11 months, 1 week ago

What is the outlook on the global economy? | Explained

The Hindu  

The story so far: The International Monetary Fund released the latest global financial stability report on Tuesday warning about the risks to the global financial system from persistent high inflation, rising lending in the unregulated credit market, and increasing cyber-attacks on financial institutions. Investors have been pushing up the prices of financial assets such as stocks in recent months in …

RBI Monetary Policy Meet underway: Key things to watch out for
1 year, 3 months ago

RBI Monetary Policy Meet underway: Key things to watch out for

Live Mint  

Reserve Bank of India Governor Shaktikanta Das will unveil the fifth monetary policy of the financial year 2023-24 on Friday, December 8, after a two-day review, as it observes the impact of global headwinds on India's macroeconomic indicators such as inflation trajectory and growth in gross domestic product. The review by the six-member Monetary Policy Committee led by Das will …

RBI Monetary Policy: Central bank likely to hold rates, maintain hawkish stance
1 year, 5 months ago

RBI Monetary Policy: Central bank likely to hold rates, maintain hawkish stance

India Today  

The Reserve Bank of India's Monetary Policy Committee is expected to maintain key interest rates in its upcoming decision but maintain focus on inflation amid rising global crude oil prices and sustained economic growth. In a survey of 71 economists conducted by news agency Reuters in late September, all but one anticipated that the RBI would keep its key repo …

RBI can spend $30 billion of forex reserves to defend rupee: Deutsche Bank
1 year, 6 months ago

RBI can spend $30 billion of forex reserves to defend rupee: Deutsche Bank

Live Mint  

Deutsche Bank Thursday said the Reserve Bank of India can spend up to $30 billion from the over $594 billion of forex reserves to defend the domestic currency and even though the country will be left sufficient reserves to take care of import bills for next ten months, reported PTI. The German brokerage said the Indian rupee is trading close …

RBI may buy $18 bn of bonds to boost liquidity, says B. Prasanna of ICICI
1 year, 10 months ago

RBI may buy $18 bn of bonds to boost liquidity, says B. Prasanna of ICICI

Live Mint  

The Reserve Bank of India may buy nearly $18 billion of government bonds to replenish banking liquidity that’s expected to tighten later in the year, according to a report by Bloomberg. The central bank may cut the cash reserve ratio by half a point in the second half of the fiscal and start buying bonds in the December quarter to …

RBI should allow gradual rupee weakening, use fx reserves ’judiciously’: CEA
2 years, 4 months ago

RBI should allow gradual rupee weakening, use fx reserves ’judiciously’: CEA

Live Mint  

India's central bank should allow rupee to depreciate gradually and use foreign exchange reserves judiciously, the government's chief economic adviser V. Anantha Nageswaran on Monday. Nageswaran comment on the rupee and foreign exchange reserves is the first official government comment since concerns about dwindling currency reserves emerged earlier this year. India's foreign currency reserves have fallen from a peak of …

Falling reserves and the bogey of the RBI’s role
2 years, 5 months ago

Falling reserves and the bogey of the RBI’s role

The Hindu  

There is a widespread misconception that the Reserve Bank of India has been depleting India’s foreign exchange reserves to defend the rupee. The RBI cannot simply fritter away India’s forex reserves, held mostly in dollars, by charging its “nostro” account with the Federal Reserve Bank of New York, New York. Central bank as regulator, player and jury The RBI’s intervention …

With the rupee under pressure, what next
2 years, 5 months ago

With the rupee under pressure, what next

The Hindu  

Even without getting into any quantitative measure of vulnerability, it is quite clear that the rupee is under pressure. In the last one year, it depreciated by over 10%, has crossed the psychological marker of ₹80 to a dollar, and India’s foreign exchange reserves are down by more than $100 billion. Arguably, the pressure on the rupee has softened, if …

Monetary Policy will be watched for liquidity guidance
2 years, 6 months ago

Monetary Policy will be watched for liquidity guidance

Live Mint  

Of late, Indian fixed income markets are witnessing heightened nervousness due to many factors. The banking system’s liquidity slipped into deficit after 40 months on 21 September, led by advance tax outflows for the second quarter and payments for government bonds. Out of the total gross borrowings of ₹14.31 trillion, the government raised ₹7.72 trillion smoothly until 16 September, thanks …

RBI ’correct’ to use forex reserves to tackle rupee volatility: Economic Adviser
2 years, 8 months ago

RBI ’correct’ to use forex reserves to tackle rupee volatility: Economic Adviser

Live Mint  

The Reserve Bank of India is justified in using the country's foreign exchange reserves to smooth out volatility in the rupee's moves against the dollar, a member of the Economic Advisory Council said on Monday. "Longer term, we need to maintain overall macro-stability and allow the cycle to play itself out," said Sanyal, who was previously India's chief economic adviser. …

Explainer | The free fall of the rupee
2 years, 9 months ago

Explainer | The free fall of the rupee

The Hindu  

The story so far: The Indian rupee hit an all-time low against the U.S. dollar this week weakening past the 79 rupees to a dollar mark and selling as low as 79.05 against the dollar on Wednesday. So, for instance, when there is great enthusiasm among foreign investors to invest in India, it can lead to an increase in the …

India's Forex Reserves Continuous Decline: Falling Rupee, FPI Outflows Worsen Situation
2 years, 9 months ago

India's Forex Reserves Continuous Decline: Falling Rupee, FPI Outflows Worsen Situation

News 18  

In a third straight week of decline, India’s forex reserves have fallen $5.87 billion in the week ended June 17, amid continued outflow of foreign portfolio investments due to growing concerns over global slowdown. Foreign Investment Outflows FPIs have been incessantly withdrawing money from Indian equities since October 2021, which is depleting India’s foreign exchange reserves majorly. Continuous Rupee Decline …

Explained | Why is there a fall in India’s foreign exchange reserves?
2 years, 10 months ago

Explained | Why is there a fall in India’s foreign exchange reserves?

The Hindu  

The story so far: The Indian rupee hit an all-time low against the U.S. dollar this week weakening past the 77 rupees to a dollar mark and selling at 77.63 against the dollar on Thursday. So, for instance, when there is great enthusiasm among foreign investors to invest in India, it can lead to an increase in the supply of …

‘Rupee fell on spillover effects of strong dollar’
2 years, 10 months ago

‘Rupee fell on spillover effects of strong dollar’

The Hindu  

The rupee’s fall to all-time lows and the decline in India’s forex reserves is not driven by capital outflows, but the spillover effects of a stronger U.S. dollar, senior officials said on Wednesday. While the RBI had been intervening in the forex markets since Monday, the idea was not to hold or aim to keep the rupee at a certain …

India Forex Reserves Drop Below USD 600 Billion After 8 Weeks of Decline
2 years, 10 months ago

India Forex Reserves Drop Below USD 600 Billion After 8 Weeks of Decline

The Quint  

A variety of global factors have played a role in the decline of India's forex reserves, including the Russian invasion of Ukraine. Since 24 February, Indian forex reserves lost USD 34 billion or about 5.4 percent, according to NDTV. Global supply chain issues and increases in commodity prices, including those caused by the war in Ukraine, have caused serious inflation …

RBI likely to keep key rates steady, liquidity steps eyed
3 years, 9 months ago

RBI likely to keep key rates steady, liquidity steps eyed

India Today  

India's central bank will likely keep interest rates at record lows this week as it assesses the economic fallout of the country's evolving COVID-19 crisis, but the monetary authority is expected to reiterate its commitment on liquidity. The Reserve Bank of India's monetary policy committee will likely keep the key lending rate or the repo rate unchanged at 4% for …

Rupee’s road ahead complicated by rising inflation, covid surge
3 years, 11 months ago

Rupee’s road ahead complicated by rising inflation, covid surge

Live Mint  

MUMBAI: The Indian rupee's near-term fortunes may directly be influenced by the Reserve Bank of India's intent on preventing any further depreciation in the currency as the surge in COVID-19 cases hits jobs and growth, economists and traders said. "INR is likely to trade with a depreciating bias on the back of a stronger dollar, relatively weaker EM currencies, muted …

Wave of foreign money threatens India’s tight grip on rupee
4 years, 3 months ago

Wave of foreign money threatens India’s tight grip on rupee

Live Mint  

A relentless torrent of funds rushing into India’s markets may tip the central bank’s delicate balancing act in 2021. There’s growing consensus among traders and fund managers that the mounting pressures -- particularly the liquidity glut distorting money markets -- may spur the central bank to consider a range of changes, from relaxing its grip on Asia’s worst-performing currency to …

Torrent of foreign money threatens India’s tight grip on rupee
4 years, 3 months ago

Torrent of foreign money threatens India’s tight grip on rupee

Al Jazeera  

While most currencies in Asia have benefitted from a weaker dollar, India’s rupee is down 3 percent this year. There’s growing consensus among traders and fund managers that the mounting pressures – particularly the liquidity glut distorting money markets – may spur the central bank to consider a range of changes, from relaxing its grip on Asia’s worst-performing currency to …

RBI will continue to maintain ample liquidity, says governor Das
4 years, 3 months ago

RBI will continue to maintain ample liquidity, says governor Das

Live Mint  

RBI governor Shaktikanta Das on Friday assured that the central bank will continue to maintain ample liquidity by using various instruments at the appropriate time. Speaking post the 3-day Monetary Policy Committee meeting, Das said that the central bank will continue to use OMO purchases, Operation Twists and reverse repo to maintain this liquidity. This intervention by RBI in both …

Focus on surplus liquidity with rate cut seen remote
4 years, 3 months ago

Focus on surplus liquidity with rate cut seen remote

Live Mint  

With the Reserve Bank of India expected to maintain status quo on benchmark rates in the monetary policy review on Friday, expert opinion is divided on whether the time is ripe for the central bank to absorb surplus liquidity. According to estimates, there is currently ₹5.31 trillion excess liquidity in the banking system following a series of steps by the …

Short-term rates crash in India with funds overflowing with cash
4 years, 4 months ago

Short-term rates crash in India with funds overflowing with cash

Live Mint  

A glut of cash chasing assets in India has caused short-term rates to plunge. Key borrowing costs like the weighted interbank call rate and collateralized money-market rates are way below the Reserve Bank of India’s benchmark in recent days, indicating investors such as mutual funds are accepting returns lower than what RBI’s deposit window would offer banks. “The RBI may …

Loose monetary policy is worsening wealth inequality
4 years, 5 months ago

Loose monetary policy is worsening wealth inequality

Live Mint  

The size of the Atmanirbhar Bharat package announced by Prime Minister Narendra Modi in May was estimated to be about ₹20 trillion, or nearly 10% of gross domestic product. Thus, the actual payout from the Centre’s treasury, or the fiscal resources that would flow out, would only occur in cases of delinquency on these loans, which were presumably at least …

Discover Related