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Sharp reversal of yields to peg back interest costs.
BANGALORE, Feb. 26 INTEREST costs of the Centre are expected to show a sharp reversal in the revised estimates for the current financial year's Budget.
Banking sources said that one of the major reasons for the reduced interest costs is the sharp reversal of yields in the financial markets. The average yields in the financial markets currently are in the region of 7.3 per cent for 10-year borrowings. Till August this fiscal, 10-year yields were in the range of 9.22-9.8 per cent. For the whole of last year, these yields averaged 10.75 per cent. Currently 10-year yields are under eight per cent.
In 1996-97, coupons on 10-year borrowings had touched 14 per cent …
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