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Rajan says it's not time for central banks to devalue currencies

By Suvashree Dey Choudhury
June 24, 2016 14:59 IST
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Rajan said India's good economic fundamentals would allow it to overcome any 'sharp corrections' in global markets

India's central bank governor on Friday reiterated his previous calls for central banks globally not to depreciate their currencies for competitive advantage and said it would be an issue he wanted to address with other central bankers.

The comments came as part of an interview with CNBC TV 18 on the global fallout from Britain's vote to leave the European Union.

Separately, Rajan issued a statement saying India's good economic fundamentals would allow it to overcome any "sharp corrections" in global markets.

"The Indian economy has good fundamentals, low short term external debt, and sizeable foreign reserves," Rajan said in the statement released on the RBI's website.

"These should stand the country in good stead in the days to come."

Rajan added the RBI is "maintaining a close vigil" on markets and will "take all necessary steps," including infusing dollars or rupees to ensure orderly conditions in markets.

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Suvashree Dey Choudhury
Source: REUTERS
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