The richest banker in Asia, CEO of one of the largest Indian banks Kotak Mahindra Uday Kotak called the US dollar the biggest financial terrorist. According to the economist, the United States uses the American currency as an instrument of political and economic pressure. It is reported by RIA Novosti with reference to the ET Awards ceremony in Delhi.
The richest banker in Asia, CEO of one of the largest Indian banks Kotak Mahindra Bank Uday Kotak criticized the US dollar. The economist argues that the United States uses the US currency as an instrument of pressure in international politics.
“I sincerely believe that the biggest financial terrorist in the world is the US dollar. All of our money is in nostro accounts, and someone in the US might say you won’t be able to withdraw it from tomorrow morning. And you are stuck,” he said.
The banker believes that at the moment the world community is “desperately looking for an alternative reserve currency.” The economist clarifies that this is the most opportune moment to make the Indian rupee such an option.
“I don’t think Europe can make its own reserve currency because it’s a collection of European states. I don’t think the UK or Japan would have the guts to take that position, even though both the British pound and the yen are free currencies. I think that China has a serious trust issue with many countries around the world,” the economist said.
However, the biggest banker warned that there is still a lot of serious work to be done to establish the rupiah as a world currency. The entrepreneur emphasized that India needs to build “reliable mechanisms” in order to gain the confidence of other states in the use of their currency.
“She must create a structure that does not depend on the whim of anyone. Mechanisms must be reliable. India needs to be trusted. Every dollar bill has the line “in God we trust.” We need to get a line that says “in India we trust” so that the rest of the world will invest their money in an alternative currency to the US dollar. The time has come for us to make an attempt that will probably take us ten years,” Kotak summed up.