Skip to main content

World Bank Thinking Of Local Currency Lending In India: Official

World Bank Thinking Of Local Currency Lending In India: Official

Amitabh Kant said India has a "huge advantage" in local currency borrowing

Mumbai:

The World Bank is mulling local currency lending in countries like India to help borrowers save on costs, a senior official said on Friday.

"How do we do local currency lending for a country like India is also something we are trying to think of at a price which is advantageous to this country," Anshula Kant, the Managing Director and Chief Financial Officer of the World Bank, said.

Speaking at the event on global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) as part of India's G-20 presidency, Kant said the Indian government has a "huge advantage" in local currency borrowing as compared to the World Bank, even though the Washington DC-based multilateral bank is rated AAA.

In some countries like the ones in Africa, which do not possess market infrastructure from where the bank can borrow, the bank may not adopt the local currency lending strategy, Mr Kant said.

At the event, Chief Economic Advisor to the Government of India V Anantha Nageswaran said global inflationary pressures are easing more than expected.

He said persistence of core inflation globally continues to be a cause of concern and added that there is a need for coherence between fiscal and monetary policies.

Ashima Goyal, an academic who is also an external member on the monetary policy committee of RBI, said it is important for the monetary policy to address the financial stability needs.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Featured Video Of The Day

Political Divide Over Bills To Overhaul Colonial Criminal Laws

Adblock test (Why?)



from NDTV News- Special https://ift.tt/03EVOWi https://ift.tt/FTjndeK
via IFTTT

Comments

Popular posts from this blog

US Defense Chief Austin To Make 'Full Recovery' From Cancer: Doctors

Austin, a 70-year-old career soldier, initially underwent minor surgery to treat cancer on December 22. Washington: US Defense Secretary Lloyd Austin is likely to make a "full recovery" from prostate cancer and his prognosis is "excellent," two doctors said after he was seen at Walter Reed hospital for a follow-up appointment. Austin controversially kept US President Joe Biden in the dark about the cancer diagnosis for weeks, and did not inform either the commander-in-chief or Congress until days after he was hospitalized on January 1 for complications from his treatment. "Secretary Austin was seen today at Walter Reed National Military Medical Center for a scheduled post-prostatectomy surveillance appointment," the doctors said in a statement released by the Pentagon. "He continues to recover well and is expected to make a full recovery. Secretary Austin's prostate cancer was treated early and effectively, and his prognosis is excellent,...

Republic Day Updates: Macron Chief Guest As Delhi Hosts Parade Amid Dense Fog

Adblock test (Why?) from NDTV News- Special https://ift.tt/yqj8XDV https://ift.tt/zHpGab4 via IFTTT

North Korea Says It Tested New Strategic Cruise Missile

North Korea test-fired a new generation of strategic cruise missile on Wednesday. (Representational) Seoul: North Korea fired several cruise missiles towards the Yellow Sea on Wednesday, Seoul's military said, the latest in a series of tension-raising moves by the nuclear-armed state. Hours later, North Korea appeared to confirm the firing, saying it had carried out its first test of a new generation of strategic cruise missiles it is developing, the Pulhwasal-3-31. Pyongyang has accelerated weapons testing in the new year, including tests of what it called an "underwater nuclear weapon system" and a solid-fuelled hypersonic ballistic missile. "Our military detected several cruise missiles launched by North Korea towards the Yellow Sea at around 7:00 am today," the South Korean Joint Chiefs of Staff said in a statement. Unlike their ballistic counterparts, the testing of cruise missiles is not banned under current UN sanctions against Pyongyang. Cruise...