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TORONTO – In this new era of geopolitical upheaval, business leaders, politicians, policymakers, and academics are anticipating a more fragmented, multipolar world order, with many predicting especially consequential changes in the international monetary system. America’s pandemic policies and the broader response to Russia’s war on Ukraine have triggered widespread speculation about the future of the |
For sellers of Russias flagship Urals crude in the spot market, avoiding dollar clearance meant bypassing the Western banking system and sanctions. Yet, the plan hasnt really worked. Russias banks are reluctant to accumulate balances with lenders in India in a non-convertible currency that has lost half its value against the dollar over the past 15 years.
Making India an easier place to do business, reversing the return in recent years of protectionist tariffs, allowing Indian tourists more freedom to use UPI overseas without having to bother about the taxman, and deepening domestic financial markets will all yield bigger gains than promoting the local currency abroad with bilateral agreements and photo-ops
The federal debt is as old as the nation, and adding to it is sometimes prudent. For governments confronting existential crises like wars or pandemics, borrowing makes sense as a