“At the time, the country had secured a $2.2bn loan, backed by 67 tons of gold reserves. To satisfy the IMF’s concerns about access to the collateral, the RBI had to airlift 47 tons of gold to be deposited offshore with the Bank of England and 20 tons of gold with UBS. While such action is unlikely this time around, if the crisis continues to escalate, Asia’s third largest economy will struggle to grow. Even though economists still do not expect a contraction, it is now a real possibility. Some weakening of the rupee may have been desirable for exporters, but losing control of the exchange rate was not what the RBI had in mind.”
http://www.businessinsider.com/indias-worst-economic-since-1991-gold-airlift-2013-8
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
(Visited 58 times, 1 visits today)
Related posts:
Israel Attacks Syria -- US Next?
US and the Chalabi-ization of Syria
Database hacking spree on US Army, NASA, others costs gov’t millions
Barron's Big Money Poll - As Complacent As Ever
Switzerland Will Continue to Thrive and Outperform
Texas Town Charging Reporters $79,000 for Emails About Cop Abuse
New Hampshire governor signs medical marijuana bill into law
The Turing Phone Is Built to Be Unhackable and Unbreakable
Your Cell Carrier Is Selling Your Location Data To A Prison Contractor
Apple has lost $90 billion in market cap in the last 2 weeks
Grandmother Struck and Killed by Drunk Driving NY Officer
2 U.S. Supreme Court Justices – And Numerous Other Top Government Officials – Warn of Dictatorship
Toolbar enslaves PCs for Bitcoin mining
The Small Business Health Care Credit: CPA explains why it doesn't work. [2010]
3 Time Emmy Winning CNN Journalist: Media Runs Paid Propaganda For FOREIGN Dictator