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ICICI Securities Report
Our proprietary Financial Conditions Index shows that financial conditions deteriorated to a seven-month low in September 2020.
While financial conditions eased dramatically during April-June following large stimulus and liquidity infusion by the government and central bank, they started moderating from the beginning of Q2 FY21.
In September 2020, main reasons for worsening financial conditions were rise in domestic bond yields across the curve, lower surplus liquidity in the banking system, falling non-food bank credit and rise in rupee forward premia.
Our calculation shows that Financial Conditions Index fell to 9.4 in September 2020 from 9.8 in August 2020.
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