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Why does India's central bank want a hedge against dollar but not de-dollarization?
By Ravi Dutta Mishra
The Indian Express, Noida, India
Saturday, December 7, 2024
Reserve Bank of India Governor Shaktikanta Das said Friday that India is not pursuing "de-dollarization" and that recent measures promoting transactions in domestic currencies are intended to de-risk Indian trade.
The clarification came days after U.S. President-elect Donald Trump threatened "100% tariffs" against BRICS countries if they sought to reduce reliance on the US. dollar in international trade.
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Das said that BRICS (Brazil, Russia, India, China, South Africa) nations have discussed the possibility of a shared currency but reached no decision.
RBI decisions such as allowing Vostro accounts and entering local currency trade agreements are aimed at diversifying risk rather than reducing dependence on the dollar. ...
... For the remainder of the report:
https://indianexpress.com/article/explained/explained-economics/rbi-dollar-reliance-9711765/
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