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This is an archive article published on November 9, 1998

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Economist differs with IMFWASHINGTON: The International Monetary Fund IMF, which had recently come in for criticism regarding its views on...

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Economist differs with IMF

WASHINGTON: The International Monetary Fund IMF, which had recently come in for criticism regarding its views on the need and wisdom of capital account liberalisation, has said that supervisory regulations must precede opening up of capital flows.

The IMF8217;s advice on capital account convertibility was questioned by noted Indian American economist Jagdish Bhagwati, who in a recent article in quot;foreign affairsquot; gave the example of the consequences faced by Thailand, Indonesia and South Korea after they opted for capital liberalisation.

However, director of IMF8217;s external affairs department Shailendra Anjaria, upheld the benefits of unrestricted capital movements but said that the timing and process of capital liberalisation in Asia were not correct.

Rupee to stabilise on credit policy

MUMBAI: The Indian rupee gained four paise against the US greenback on the interbank foreign exchange Forex market during the week ended November 6. The rupee traded in a dullrange during the week as corporates adopted a wait-and watch policy. After rising to the week8217;s high at 42.27/28 on Tuesday and falling to the low of Rs. 42.37/38 on Thursday morning, the Indian unit closed four paise higher at Rs. 42.29/30 this week against Rs. 42.33/34 of the last week. After the latest credit policy announcements by Reserve Bank of India the rupee is expected to remain stable around the current level at least till December-end, analysts said.

Industry to get German technology

BONN: Indian industry is set to get state-of-the-art German technologies including in highly specialised fields following an agreement which would help it become more competitive in global markets. The agreement between Confederation of Indian Industry and the prestigious quot;Fraunhofer Gesellschatquot; of Germany envisages creation of necessary mechanisms for transfer of technologies and supporting joint technology development and upgradation of projects.

 

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