Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,781 members, 7,955,985 topics. Date: Sunday, 22 September 2024 at 08:35 PM |
Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / India Poised To Ditch Dollar In Trade With Neighbor (603 Views)
Neighbor Shot Dead NYC Dad And Son During Argument Over Noise / EU Signs Gas Deal With Israel, Egypt In Bid To Ditch Russia ( Pics) / India Ready To Bypass Dollar In Trade With Russia (2) (3) (4)
India Poised To Ditch Dollar In Trade With Neighbor by BidenDTrounce: 12:33pm On Mar 07, 2023 |
Rupee settlements could boost New Delhi’s economic ties with Sri Lanka. India and Sri Lanka are discussing shifting away from the US dollar to settlements using the Indian rupee, as the two countries look to strengthen their partnership through trade and investments. Rupee settlements are expected to derive benefits like shorter timelines, lower exchange costs and easier availability of trade credits for participating financial institutions. The initiative may also have a beneficial impact on the nations' respective tourism and hospitality industries. A discussion of the issue, arranged by the High Commission of India, was held in the Sri Lankan capital Colombo last week. "Representatives from the Bank of Ceylon, State Bank of India, and the Indian Bank shared their experiences and informed the audience that they had started carrying out INR-denominated trade transactions through respective Vostro/Nostro accounts after the creation of [an] enabling framework by the Reserve Bank of India [RBI] and the Central Bank of Sri Lanka [CBSL] in 2022," the commission said in a statement, seen by the PTI news agency. The shift can only boost the countries' joint efforts in building a stronger and closer economic partnership through trade and investment-led measures, Gopal Baglay, India's High Commissioner to Sri Lanka, said. Last year, Sri Lanka was hit by the worst economic crisis since the South Asian country declared independence from Britain in 1948. The crisis, initially caused by a shortage of foreign currency arising from the pandemic-related restriction of tourism, led to dire shortages of fuel, food and basic necessities. The country’s government didn’t have the funds to pay for imports. In April, Sri Lanka defaulted on its foreign debt of $34.8 billion, according to its Department of External Resources. Governor of the Central Bank of Sri Lanka Nandalal Weerasinghe praised the currency-switch measure, saying the Indian and Sri Lankan business communities strongly support it. https://www.rt.com/business/572517-india-sri-lanka-dollar-rupee/
|
Re: India Poised To Ditch Dollar In Trade With Neighbor by BidenDTrounce: 12:36pm On Mar 07, 2023 |
India’s Imports Of Russian Oil Hit Record High BidenDTrounce: |
Re: India Poised To Ditch Dollar In Trade With Neighbor by BidenDTrounce: 12:40pm On Mar 07, 2023 |
Yuan Squeezing Out Dollar On Russian Market BidenDTrounce: |
Re: India Poised To Ditch Dollar In Trade With Neighbor by BidenDConquerer: 1:13pm On Mar 07, 2023 |
We spoke about how China would start to rotate trade away from the west several years ago. So it continues:
|
Re: India Poised To Ditch Dollar In Trade With Neighbor by BidenDTrounce: 2:19pm On Mar 07, 2023 |
Who wrote this for Buhari? Buhari is not that intelligent. If it's Tinubu now, I know he's capable of writing this. Nigeria's Buhari Slams 'Unfair' International Debt Architecture Struggling with their external debt burden is one of the burning issues for many African countries. Many believe that the problem is that certain countries cannot timely service their foreign debt due to the unfair terms stipulated by international financial organizations, which forces them to seek restructuring in the first place. Nigerian President Muhammadu Buhari has castigated today's international financial organizations and their "unfair" debt architecture as favoring only advanced nations. He aligned with the United Nations Secretary-General’s description on the global financial system as an "unfair debt architecture that not only charges poor countries much more money to borrow on the market than advanced economies, but downgrades them when they even think of restructuring their debt or applying for debt relief." Speaking at the UN Conference of Least Developed Countries held in Doha, Qatar, Buhari called on developed and developing nations to offer duty-free and quota-free market access to the 46 countries mentioned on the UN least-developed countries (LDC) list; most of these countries are African ones. In line with the UN rules concerning the LDCs, the countries listed should be granted such benefits as preferential market access, technical assistance, aid, and capacity-building on technology. Buhari went on to shine the spotlight on the mounting debt burden shouldered by least-developed countries and emphasized the need to reform the international financial architecture so that poor countries become its priority. Given these conditions, the Nigerian leader continued, the possibility for many countries to achieve the Sustainable Development Goals "remains bleak." The head of state also said the development of poor countries is often impeded by challenges which are outside their hands and beyond their control, and this corroborates the need of countries for assistance in unlocking their economic potential. Buhari made these statements as Nigeria struggles its foreign debt burden. According to Finance Minister of Nigeria Zainab Ahmed, the western African country spent nearly 80% of its revenue on servicing its debt between January and November 2022, which amounted to $11.3 billion. Besides Nigeria, there is a host of African countries grappling with the same problem According to a 2022 report by the World Bank, more than half of low-income countries of which most are African, cannot meet their obligations on paying foreign debts. One of the listed countries is Ghana, in Africa’s west, whose foreign debt amounts to 58% of its total $37.4 billion public debt as of October 2022. That said, the country has been trying to achieve its external debt restructuring under the G20 Common Framework. Along with Ghana, Zambia, in Africa’s south, is also pursuing debt restructuring, because the country is unable to pay its $13.04 billion external debt in a timely manner. Earlier, Zambian President Hakainde Hichilema lashed out at what he called "suicidal" interest rates comparing them to a "black mamba kiss of death". Concerning the foreign debt trap problem, many African leaders have repeatedly urged African nations not to deal with international financial organizations due to "unfair" conditions. For instance, touching upon the external loans of African nations in June 2022, Ghana's President Nana Akufo-Addo urged Africa to stop "begging" the West, emphasizing the key role of the African Development Bank and the Africa Export-Import Bank (Afreximbank) concerning the continent's development. "If we stop being beggars and spend African money inside the continent, Africa will not need to ask for respect from anyone, we will get the respect we deserve. If we make it prosperous as it should be, respect will follow," he noted. https://sputniknews.com/20230307/nigerias-buhari-slams-unfair-international-debt-architecture-1108140161.html ParasiteWest: |
Re: India Poised To Ditch Dollar In Trade With Neighbor by pansophist(m): 4:01pm On Mar 07, 2023 |
I said it last year that the world will remember February 24th, 2022, as the beginning of the cannibalization of Western hegemony. The date when Russia invades Ukraine. The biggest mistake they made concerning Russia was the weaponization of the dollar, now countries are scared to trade with it. They weaponized the USD for lots of smaller countries, which the world ignored, but defeating a goat and a tiger are two different things. Thank you, Russia for such a bold step. Good for India. And oh, their foreign minister Mr. S. Jaishankar is the best pm in the world. That guy is too good and roasts western journalists for a living. His most famous statement was this. "Europe has to grow out of the mindset that its problems are the world's problems, but the world's problems are not Europe's problem." I hope India and china can settle their border disputes and viola, the world will experience a rebalancing of the global order that was hijacked through evil by the West centuries ago. Welcome to a multipolar world. 16 Likes 4 Shares |
Re: India Poised To Ditch Dollar In Trade With Neighbor by EKONGKING: 9:53pm On Mar 07, 2023 |
pansophist: Western countries are pampering India as they know India can checkmate China . The rivalry between China and India is biggest stumbling block in Asia against western countries. Being based in India for past 15 years ,i can say Indians are the biggest supporters of Russia as they can never forget the help old USSR and currently Russia given to their country ,during its many crises . U.S.A and western countries are Snakes . Nigerians especially Presidential candidates who will be contesting 2027 elections should avoid debating in Oxford or Chatham house ,its so demeaning to Africans and Nigerians in particular . 2 Likes |
Re: India Poised To Ditch Dollar In Trade With Neighbor by pansophist(m): 10:10pm On Mar 07, 2023 |
EKONGKING: Yes, also Russia helped India during their nuclear weapon program. I only hope Russia can help broker peace between India and China. Then the West slave vassals (Japan and Korea) will feel isolated in Asia and consider it their interest to fall in line. If this happened, then western hegemony is over completely. Dead. When the West sent their fleet off the coast of India during the peak of conflict with Pakistan, it was the Soviet Union that reciprocated and stood behind India until the West backed off. I also wonder why India is part of Quad, and at the same time, BRICS. It just doesn't make sense to me. You can't serve two masters at the same time. India should stay one place, and in Asia. Also as the biggest democracy in the world, and a one fifth of global population, it's a shame that India is not part of UNSC. It only goes to shows that the world exist in the image of ww2 conquerors. Who created the rules for themselves, policed by them, and force others to fall in line. This world order must go, it's very undemocratic in nature and structure. We live in a very interesting time. Just last week, Chinese government have instructed the PLA to be combat ready for war. I wonder why. Is there something the cooking that the public doesn't know? Finger crossed. 11 Likes |
Re: India Poised To Ditch Dollar In Trade With Neighbor by EKONGKING: 10:20pm On Mar 07, 2023 |
pansophist: Its all due to poor relation between India and China. India needs U.S.A and Japan to keep China in check and on other hand , India fears the combination of Russia and China against them as USA is untrustworthy country . They are literally walking a tight rope. Russia is Bridging the gap between these countries ,so as to present a common front against Western powers . 1 Like |
Re: India Poised To Ditch Dollar In Trade With Neighbor by pansophist(m): 10:39pm On Mar 07, 2023 |
EKONGKING: Fear of China, I can understand. But fear of Russia, it's unfounded. And India will be so naive to ever trust the USA. The vaccine issue was a good example of how the West showed their evil face. They refuse to give India a single shot, while busy criticizing and overblowing casualties. And historically, the West have never been good to India. And India's only usefulness as you rightly said is as a counterweight to China. India understands this, and I wonder why their foreign policy does not reflect it. But since last year, their behaviour and the words that comes out of India's PM's mouth, I'm having some assurance that India is making or has made a U turn. 9 Likes 1 Share |
Re: India Poised To Ditch Dollar In Trade With Neighbor by EKONGKING: 10:51pm On Mar 07, 2023 |
pansophist: U misunderstood my comment, iam saying Russia also will get pissed when India goes too much into American friendship. Everything else is spot on bro. Even Africa is waking from slumber especially Southern part of Africa . Namibia president has just given mouthful hearing to German minister or diplomat recently . Let the awakening of African people begin . 2 Likes |
Re: India Poised To Ditch Dollar In Trade With Neighbor by Regex: 10:57pm On Mar 07, 2023 |
pansophist: They has oh... Their rift with China maybe just a front, behind, they maybe making deals. As a matter of fact, China is better ally than USA. 2 Likes |
Re: India Poised To Ditch Dollar In Trade With Neighbor by pansophist(m): 11:10pm On Mar 07, 2023 |
EKONGKING: Haha yes I watched the response by the Namibian diplomat. The German guy was just silenced and getting lectured, nodding like a lizard because the shame is on him. Africa must seize this opportunity to come out of it's misery. Every power is desperately trying to secure Africa in their camp. From the US-Africa summit, China-Africa summit, Russia-Africa summit etc, Africa is a giant neutral continent to score geopolitical gains for these super powers. So far, the Chinese are winning. They have the money, industrial output and historical support. I watched the Tazara train line that Mao built in the 70's with Chinese money and blood in Zambia, and I respected China even more. China built this train when it was still very poor, and not even recognised as a country then in the 70's by majority of the world. Lots of the Chinese workers that built the train died and were buried in Zambia there. But this story will never surfaced western media because they want us to see Chinese as our enemies. That's just one of the assistance of China to Africa, there are hundreds, if not thousands of them. China won my heart by being good, not evil. For example, loan to African countries have been restructured at least 87 times if the countries can't pay back. And no single African country have had their property seized like IMF does because we can't pay back. Ok I digresssed. But the geopolitical situation is aligning and caliberating favourably to Africa, and if we miss this opportunity to self-actualisation, then it's official, we are messed up as a people. 9 Likes 1 Share |
Re: India Poised To Ditch Dollar In Trade With Neighbor by cl0r0x: 9:23am On Mar 08, 2023 |
Yet the USD is getting stronger. |
Re: India Poised To Ditch Dollar In Trade With Neighbor by pansophist(m): 9:28am On Mar 08, 2023 |
Regex: I am thinking the same thing. Everything is possible since you have to be extremely manipulative in the art of war. 2 Likes |
Re: India Poised To Ditch Dollar In Trade With Neighbor by tamdun: 9:33am On Mar 08, 2023 |
Doest even make sense to transact with US dollar among neighbours? |
Re: India Poised To Ditch Dollar In Trade With Neighbor by Regex: 11:27am On Mar 08, 2023 |
pansophist:The reason I say so, unless you mentioned it, I had no idea there was rift between India and China over border. I hope Russia mediate for both party. 1 Like |
(1) (Reply)
Russian Rouble Falls To Lowest Value For A Year / How De-dollarization Will Affect The Capital Market / Palestinian Pastor Discusses Reality Of Being A Palestinian In Bethlehem (video)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 68 |