whether intentional or not, these unspoken currency wars still create peril — and real winners and losers.
For the past few years the US has been the big loser in the currency wars as higher interest rates pushed the dollar up against its peers.
That creates spillover, however, as money flees for countries with higher rates, pushing currencies higher and hurting exporters.
Rather, they’re cutting interest rates or taking other steps to stimulate growth.
That’s given rise to the idea that there’s a tussle for competitive advantage going on, with each country brandishing its currency as a weapon.
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No plans to introduce new currency notes, says RBI Deputy Governor
The central banking institution wants to encourage cashless transactions, which are helpful to the people”, RBI Deputy Governor N.S.
Reserve Bank of India Deputy Governor N.S.
VishwanathanKumbakonam:The Reserve Bank of India currently has no plans of introducing new denomination currencies, a senior RBI official said on Sunday.
“Presently RBI has no idea to introduce currencies of new denominations.
In this connection, Minister of State for Finance Arjun Ram Meghwal had told Parliament on Friday that the government is not planning to print Rs 5,000 and Rs 10,000 currency notes.
as declared in
No plan to introduce new denomination currency – RBI
According to a top official of Reserve Bank of India, the bank has no plans to introduce new denominations of currency, at present.
The apex bank wants to promote cashless transactions, which are helpful for the people.
NS Vishwanathan, Deputy Governor, RBI, informed at a lecture on credit culture and financial system, that currently the central bank has no plans of introducing currencies of new denominations in the market.
Banks are required to formulate their lending decisions by undertaking prudent assessment of the financial appetite and repaying capacity of the borrower, he concluded.
He added , banks cannot escape the issue of controlling Non Performing Assets in their position statements as it is affecting the bank’s income and bottomline.