Wednesday , 17 April 2024
Home News Head of India’s Kotak Mahindra Bank called the U.S. dollar the biggest financial terrorist

Head of India’s Kotak Mahindra Bank called the U.S. dollar the biggest financial terrorist

Photo by Debashis RC Biswas on Unsplash

“I sincerely believe that the biggest financial terrorist in the world is the U.S. dollar,” Kotak said at the ET Awards ceremony in Delhi, cited by RIA News.

He noted that the money in nostro accounts, at the command of the U.S. could become inaccessible. The banker noted that the world is now desperately looking for an alternative reserve currency.

In his view, it is the right time for India to make the rupee such a reserve currency.

Kotak does not think that Europe can make its currency a reserve currency.

“I don’t think Britain or Japan have the courage to take these positions, although both the British pound and the yen are free currencies,” the banker believes.

He also conceded that China has a “serious trust problem” with many countries.

Earlier, American entrepreneur Ilon Musk warned that using the dollar as a weapon will lead to a rejection of it in other countries.

In October 2022, Russian President Vladimir Putin said that by using the dollar as a weapon, the West discredited the idea of international financial reserves.

He noted that as a result, everyone wondered, whether to keep foreign exchange reserves in dollars.

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