Indian Banker Uday Kotak told the US dollar had 'disproportionate power' as a world currency, after calling it 'the biggest financial terrorist in the world' in a panel at the ET Awards.
Top Indian Banker Says US Dollar Has ‘Disproportionate Power’ as Reserve Currency; Retracts 'Biggest Financial Terrorist' Remark
Uday Kotak, the CEO of Kotak Mahindra Bank, a financial institution based in India, recently expressed his view on the dominance of the U.S. dollar in global financial markets. Kotak stated that the U.S. dollar has “disproportionate power” as a reserve currency, retracting his previous statement in which he referred to the currency as the “biggest financial terrorist in the world.
This dependence is what is driving several nations of the world to seek an alternative reserve currency, Kotak remarked, stating this was a “crucial time in world history.” However, Kotak later corrected these statements on social media, explaining he wanted to make reference to the ‘disproportionate power’ the currency had in world markets. HeIn a recent discussion on US dollar I inadvertently used words “financial terrorist” which I would like to correct. What I meant was that a reserve currency has disproportionate power, whether it is nostro account, 500 bps rate increase, or emerging countries holding dollars for liquidity.
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