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November 12, 2022
India today shows a Picture of Optimism and Resilience: RBI Governor.
The Government will launch Retail Central Bank Digital Currency (CBDC) in late November.
e-Rupee launch a landmark moment
Photo: The Governor of the Reserve Bank of India, Shaktikanta Das, participates in the International Monetary and Financial Committee Introductory Session during the 2022 Annual Meetings at the International Monetary Fund. October 13, 2022. Washington, DC, United States. IMF Photo/Cory Hancock.
MUMBAI: Reserve Bank of India Governor, Mr. Shaktikanta Das, has noted that the country’s macroeconomic indicators and buffers today make “India a picture of optimism and resilience.” He was speaking at FIBAC 2022 - an Annual Banking Conclave organized jointly by FICCI (Federation of Indian Chambers of Commerce & Industry) and IBA (Indian Banks’ Association).
The RBI Governor acknowledged that RBI missed the inflation targets to avoid ‘paying a high cost’ by tightening earlier. But, he said, “we did not want to upset the recovery process. We wanted the economy to reach the shores and bring down inflation safely.” He noted that RBI continues to be watchful of the liquidity situation, noting, “RBI remains agile and watchful and ready to undertake liquidity operations.”
Mr. Das added that the launch of the Central Bank Digital Currency (CBDC) is a landmark moment in the history of money and currency in the country. “It is going to be a major transformation of the way business is done, the way transactions are conducted,” he said. Mr. Das noted that Reserve Bank is among the few central banks worldwide that have taken this initiative. He said that RBI would launch the retail part of the CBDC trial later this month.
Addressing the volatility in the exchange rate, RBI Governor said that almost all major currencies - barring the Swiss Franc, the Singapore Dollar, the Russian Rouble, and the Indonesian Rupiah - have depreciated against the US dollar more than the Indian Rupee. He said, “from April 1 to October 31, 2022, the Indian Rupee has depreciated by 8.0 percent, while the US dollar has appreciated by 13.0 percent.” In addition, Mr. Das underlined that the Indian Rupee has appreciated against many major currencies. Furthermore, he added, “the size of the Indian Rupee’s appreciation was the highest vis-a-vis the Japanese Yen (12.4 percent), the Chinese Yuan (5.9 percent), the Pound Sterling (4.6 percent) and the Euro (2.5 percent).”
Source: FICCI
|GlobalGiants.Com|
— The editor holds academic certification in “Financial Market Analysis” from International Monetary Fund (IMF) Institute for Capacity Development, Washington, DC.
Edited & Posted by the Editor | 11:49 AM | Link to this Post
