March 7, 2020 4:45:58 am
Reserve Bank of India (RBI) governor Shaktikanta Das on Friday made a case for international multilateral agencies like the International Monetary Fund (IMF) launching currency swaps for countries affected by the spread of COVID-19, also known as coronavirus. He said a coordinated swap line would act as a second line of defence to bolster national reserves across nations.
“We will be able to respond to the challenges emerging out of the coronavirus epidemic,” Das said at an industry event here. While noting that there are enough resources to fight the crisis, given the robust forex reserves, he also called for the IMF to launch a non-stigmatised currency swap lines to ease the liquidity pressures globally.
“RBI stands ready to intervene in whatever way required to respond to epidemic challenges,” Das said, as he expects global growth to slow down due to coronavirus.
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