Tuesday, February 21, 2023
An old man.
"Certainly, the rupee over time could become one of the variety of global reserve currencies in the world," said Prof Nouriel Roubini. ET. "One can see how the Indian rupee could become a vehicle of currency for some of the trade that India does with the rest of the world, especially South-South trade." The Reserve Bank of India (RBI) has permitted certain banks to open 'vostro accounts' in foreign banks which will "facilitate import-export trade in the (Indian) rupee". BS. 'Vostro' means 'your'. "A vostro account is an account a correspondent bank holds on behalf of another bank." Investopedia. Thus, a vostro is a specific account in a country which has accepted trade in rupees with India. "The European Union has suggested that India liberalize its capital account restrictions as part of a comprehensive free trade agreement being discussed with New Delhi." pressreader. In 2021, the RBI hinted at full capital account convertibility for the Indian rupee which would allow Indians unrestricted conversion to any foreign currency. ET. Enter George Soros. Referring to the Adani crisis, Soros said, "(Prime Minister Narendra) Modi is silent on the subject, but he will have to answer questions from foreign investors and in parliament." "This will significantly weaken Modi's stranglehold on India's federal government," and "I may be naive, but I expect a democratic revival in India." To which, Union Minister Smriti Irani went ballistic. "Today, as a citizen I call upon every Indian and organisation, societal and political, to denounce the intentions of this individual who seeks to demonise our democracy and who brings an onslaught to the economy of India so that he can personally gain." The lady doth protest too much, methinks." wikipedia. Rage usually comes from fear. "George Soros has had some experience taking short bets on sovereign currencies, and winning, in the past." FE. In 1997, "George Soros bought forward contracts that sought to exchange the (Thai) baht at a certain price against the dollar. However, when the baht fell and wiped off over half its value, Soros bought a billion dollars worth of the devalued currency on the spot market, and sold it using his forward contracts, effectively doubling his money. He repeated the same modus operandi with the Malaysian ringgit." In 1992, Soros shorted the British Pound, forcing it to drop out of the European Exchange Rate Mechanism (ERM), and reputedly made $1 billion in less than one week. ET. "Mr Soros is an old, rich opinionated person sitting in New York who still thinks that his views should determine how the entire world works," Minster of External Affairs S Jaishankar vituperated. India is the "mother of democracy" proclaimed Mr Modi in parliament. HT. Why then are his followers so terrified of the First Amendment of the US Constitution? The White House. Suggests that 'Daal mein kuch kala hai'. Means 'something is fishy'. Definitely.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment