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India Warns of Global Currency War
India Warns of Global Currency War

India Warns of Global Currency War

India Warns of Global Currency War

Reserve Bank of India Governor Urjit Patel has warned that the world is probably at the cusp of the beginning of a global currency war, Sputnik reported. Patel said this while claiming that the RBI has been taking a cautious approach against the backdrop of ongoing geopolitical risks and that it is trying very hard to maintain the country’s growth rate above 7%. “Already, we have seen the turbulence for a few months and it is likely to continue, for how long we don’t know. We are possibly at the beginning of a currency war. We are running a tight ship to ensure macroeconomic stability in order to be able to maintain 7-7.5% growth rate,” Patel said at a media briefing after the monetary policy announcement on Wednesday. RBI has increased the lending rate to commercial banks by 0.25% to 6.5%; the second consecutive hike this financial year ending March 2019. The RBI has taken a hawkish stance on inflation against the backdrop of a hike in the minimum support price for farm producers guaranteed by the Narendra Modi government and the rise in salary of government employees.

 

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