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Global finance dominated by few currencies, need to de-risk by diversifying

May 05, 2023

Global finance dominated by few currencies, need to de-risk by diversifying

A handful of currencies currently dominate global finance, and there is a need for de-risking by diversifying the international currency system by adopting liquid currencies, Reserve Bank Deputy Governor T Rabi Sankar said on Thursday.

Speaking at the launch of a hackathon event organised as part of India’s G-20 presidency, Sankar also appealed that central bank digital currencies (CBDCs) should be adopted more by other countries as well, terming the fiat digital currency as essential for maintaining financial integrity.

It can be noted that India began its efforts to internationalise the rupee last year, under which the effort is to decrease the reliance on the USD-dominated trade, by making rupee payments possible. So far, 18 countries have opened rupee accounts.

“We have a global financial system that is dominated in terms of transactions, in terms of invoicing, in terms of their usage for hedging and other purposes by a few handfuls of reserve currencies.

“It would probably, therefore, be in the interest of international currency system to have a little more diversified liquid currencies, which could have the additional benefit of de-risking the global financial systems, instead of a dependence only a few, depend on more,” Sankar said.

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CurrencyFinanceRBI

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