NEW DELHI: Chief Economic Adviser V Anantha Nageswaran on Wednesday said that the country is not pursuing any proposal to replace the US dollar as international currency for global trade.<\/p>\n
“No, certainly not. I think India is not part of any such initiative,” he said in response to a question if India is looking at an alternative currency to the US dollar for global trade.<\/p>\n
Although last year, at the BRICS Summit held in October in Kazan, Russia, India and other BRICS nations had contemplated settlement of cross-border payments in local currency and had agreed for creation of a special BRICS currency.<\/p>\n
“We recognise the widespread benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimising trade barriers and non-discriminatory access.<\/p>\n
“We welcome the use of local currencies in financial transactions between BRICS countries and their trading partners,” the declaration of the 16th BRICS Summit held in October 2024 had said.<\/p>\n
BRICS is a grouping of emerging economies comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. It aims to promote unified emerging economy perspectives in multilateral forums.<\/p>\n
Nageswaran further emphasised that there is not a very viable alternative to the US dollar at this point, and it may take even a much longer time to emerge.<\/p>\n
However, central banks are keeping their portfolio of foreign exchange reserves on a diversified basis.<\/p>\n
The Reserve Bank has also increased its share of gold purchases etc in the last few years, he said.<\/p>\n
“So, there is a constant attention being paid to the composition of the foreign exchange reserves, including gold,” he added.<\/p>\n","protected":false},"excerpt":{"rendered":"NEW DELHI: Chief Economic Adviser V Anantha Nageswaran on Wednesday said that the country is not pursuing any…\n","protected":false},"author":2,"featured_media":7591,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[8862,114,184,8861,85,46,7549],"class_list":{"0":"post-7590","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-brics-currency","9":"tag-business","10":"tag-economy","11":"tag-global-trade","12":"tag-il","13":"tag-israel","14":"tag-us-dollar"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/7590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=7590"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/7590\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/7591"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=7590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=7590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=7590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}