From Japan in the 1960s to China in the 2000s, many countries transformed their economies by using competitive exchange rates as part of their industrial strategies.
Banks will have to ascertain the foreign currency exposure (FCE) of all entities at least annually, the RBI said, adding the revised rules will be effective from 1 January, 2023.
In January 1st week, India had forex reserves worth $633 bn, indicating a fall of over $82 billion so far. Forex depletion means RBI's been selling dollars to tackle falling rupee.
China flaunted military might & modernisation as it displayed stealth drones, anti-satellite system & cyber warfare contingent during parade to mark victory over Japan in WWII.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
COMMENTS