Printer Friendly

India's central bank head accuses G7 nations of currency manipulation.

Global Banking News-April 17, 2015--India's central bank head accuses G7 nations of currency manipulation

(C)2015 ENPublishing -

Global Banking News - 17 April 2015

Raghuram Rajan, head of the Indian central bank, has accused G7 nations of currency manipulation.

In a statement, Rajan said that largest industrial countries are flouting global financial rules. He added that the International Monetary Fund has to be a more neutral referee and flag offences.

He said, 'We really need to assess our rules of the game.' He was speaking at a seminar on the side-lines of the IMF/World Bank spring meetings. The group of 20 officials has accepted the recent decline in the yen and the euro as the by-product of monetary policies designed to spur domestic demand. Rajan said that the richest countries were ignoring the spill-over effects on emerging markets. 'We need arbiters like the IMF to tell us when domestic policies have international effects that do more harm than good,' he added.

At the seminar, Olivier Blanchard, the IMF's chief economist, said he strongly disagreed with Rajan. He said the main effect of Europe's quantitative easing has been lowering long-term interest rates.

[Editorial queries for this story should be sent to]

((Distributed via M2 Communications -

COPYRIGHT 2015 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Apr 17, 2015
Previous Article:Fed official says central bank should not hurry on interest rate cuts.
Next Article:Bank of America settles currency rigging lawsuit.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |