Shaktikanta Das, the governor of the RBI, stated on Friday that the government and the central bank are in talks with South Asian nations on allowing cross-border commerce in the rupee.
He added that the launch of the digital rupee is being done very carefully and methodically by the RBI, adding that the central bank digital currency (CBDC) is now in the trial phase. The Reserve Bank of India (RBI) commenced its retail CBDC pilot project on December 1 of last year following the successful launch of the wholesale pilot.
Greater intra-regional trade in the South Asian region
can provide chances for growth and employment, according to Das, who delivered the keynote presentation at an IMF conference here. Das noted that the global trade forecast for 2022–2023 remains cloudy.
According to Das
“learning from each other on shared objectives and challenges has been an important dimension for cooperation at the central bank level… Rupee settlement of cross-border trade and CBDC, where the RBI & government has already started moving forward, can also be areas of increased cooperation in the future.
The Governor presented the South Asian region with six policy goals
to address major issues brought on by Covid, inflation, financial market tightening, and the Russia-Ukraine war. “Numerous outside shocks… have put pressure on prices in South Asian economies.
Credible monetary policy action
focused supply-side interventions, fiscal trade policy, and administrative measures have emerged as crucial tools for effective deflation, according to Das. While supply-side limitations and the recent easing of commodity prices should assist to reduce inflation moving forward, according to Das, threats to GDP and investment prospects may increase if inflation stays at current levels.
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