internationalmonetaryfund
By Mohammed Kudrati A viral message, exaggerating the extent to which the Indian rupee is being internationalised and being accepted abroad, is false. While the content of the message does draw on recent developments with respect to foreign countries opening a 'vostro' account to trade with India in the Indian rupee, several of its statements are conjecture or untrue. The message attributed several statements to the New York Times to add credence to itself. However, BOOM did not find any article published by NYT stating that 30 countries had accepted the Indian Rupee. Public data available wit...
BOOM Live
By Mohammed Kudrati The International Monetary Fund on Tuesday slashed India's growth forecasts for the ongoing fiscal year (FY) to 6.8% from a previous estimate of 7.4%. On a calendar year basis, India will grow 6.9% from a previous estimate of 7.5% in 2022. "The outlook for India is for growth of 6.8 percent in 2022––a 0.6 percentage point downgrade since the July forecast, reflecting a weaker-than-expected outturn in the second quarter and more subdued external demand––and 6.1 percent in 2023, with no change since July", the report said. The multilateral financial institution released its l...
BOOM Live
By Mohammed Kudrati The International Monetary Fund (IMF) on Tuesday reached a $2.9 billion deal with Sri Lankan officials aimed at bolstering the island country's battered economy. Sri Lanka's economy has been hit by a slew of woes including a paucity foreign exchange, high inflation, ballooning public debt, a worthless currency and a shortage of essentials. The deal includes Sri Lanka requesting access to around 2.2 billion in special drawing rights (SDR), which is equivalent to $2.9 billion. The SDR is not a currency, but rather the unit of account of the IMF, which is, in turn, linked to a...
BOOM Live
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