Asia’s richest banker and CEO of one of India’s biggest banks Kotak Mahindra Uday Kotak has called the US dollar the biggest financial terrorist. According to the economist, the United States is using the U.S. currency as an instrument of political and economic pressure. It was reported by RIA Novosti with reference to ET Awards ceremony in Delhi.
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Uday Kotak, Asia’s richest banker and CEO of one of India’s largest banks Kotak Mahindra Bank, criticized the U.S. dollar. The economist says the United States is using 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 our money is in nostro accounts and someone in the US can say – you can’t withdraw it as of tomorrow morning. And you are stuck,” he stated.
The banker believes that at the moment the global community is “desperately looking for an alternative reserve currency”. The economist specifies that this is the most opportune moment to make the Indian rupee such an option.
“I don’t think Europe can make its currency a reserve currency because it is a collection of European nations. I don’t think the UK or Japan have the courage to take those positions, although both the British pound and the yen are free currencies. I think China has a serious trust problem with many countries around the world,” said the economist.
However, the major banker warned that there is still a lot of serious work to be done to establish the rupee as a global currency. The businessman stressed that it was paramount for India to build “credible mechanisms” to gain the confidence of other nations to use their medium of currency.
“It needs to build a structure that is not dependent on the whim of anyone. The mechanisms need to be credible. India needs to be trusted. On every dollar note there is a line ‘in God we believe’. We need to get a line that says “in India we believe” so that the rest of the world invests its money in an alternative currency to the US dollar. It is our time to make the attempt, which will probably take us a decade,” Kotak concluded.
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