Finance secretary Dr Arvind Mayaram said that volatility in external environment needs the attention
Finance secretary Dr Arvind Mayaram
New Delhi: India has asked G20 nations to consider creating currency swap lines to mitigate the impact on emerging economies of external shocks including US Federal Reserve withdrawal of the stimulus. Finance secretary Dr Arvind Mayaram said at the G20 deputies meeting in Cairns that the uncertainty and volatility in external environment is worrisome and needs the attention of the G20.
“As the US Fed withdraws from unconventional monetary policy, there will be an overhang on asset prices in the emerging markets and therefore, volatility in the currency markets,” said the secretary. “In order to ensure that the growth outcomes are still achieved, are there solutions that the G20 can explore? Are swap lines a solution?” asked Mr Mayaram.
( Source : dc correspondent )
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