GENERICO.ruEconomicsThe richest banker in Asia called the dollar the biggest financial terrorist

The richest banker in Asia called the dollar the biggest financial terrorist

NEW DELHI, April 30 Asia's richest banker, CEO of Kotak Mahindra Bank, one of India's largest banks, Uday Kotak has sharply criticized the US dollar.

”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're stuck,” he said at the ET Awards in Delhi.

According to Kotak, now the whole world is “desperately looking for an alternative reserve currency.” And the time has come for India to make the rupee such a currency, the banker is sure.

“I don't think Europe can make its reserve currency because it's the assembly of European nations. I don't think the UK or Japan would have the courage 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,” he said.
But to create a global reserve currency, India has a long way to go and build strong institutions, Kotak warned.

“She must create a structure that does not depend on the whim of anyone. The mechanisms must be reliable. India must be trusted. There is a line on every dollar bill “in God we trust”. We should get a line that says “in India we trust” so that the rest of the world puts their money into an alternative currency to the US dollar. It's our time to make an attempt that will take us probably ten years” concluded the banker.
In early November, the Government of India allowed the use of the rupee in international trade settlements. As the Department of Commerce explained, this should simplify and facilitate international trade transactions, given the growing interest in the internationalization of the rupee.


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