International Monetary Fund Managing Director Rodrigo de Rato will quit the Fund in October without completing his five-year term which ends in May 2009.
The country's foreign exchange reserves increased by $8.895 billion to reach a record high of $642.453 billion in the week ended September 3, the Reserve Bank of India (RBI) data showed. In the previous week ended August 27, the reserves had surged $16.663 billion to $633.558 billion, mainly due to a rise in special drawing rights (SDR) holdings. International Monetary Fund (IMF) had made an allocation of SDR 12.57 billion to India. For the week ended September 3, the increase was on account of a rise in foreign currency assets (FCAs), a major component of the overall reserves, RBI's weekly data released on Friday showed.
IMF has predicted a slowdown of world economic growth and approves of Fed Reserve's move of cutting its interest rate.
Asia has more than one candidate who fits the bill.
'We don't have to go abroad for anything.' 'Anyone who thinks we have a lot to learn from the US needs to have his head examined.' 'We are in a new era.'
The scramble for International Monetary Fund managing director's chair has escalated into a war of sorts with developing nations calling for a change in the power equation.
The country's foreign exchange reserves increased by $1.701 billion to $584.107 billion in the week ended April 23, 2021, RBI data showed. In the previous week ended April 16, 2021, the reserves had risen by $1.193 billion to $582.406 billion. The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021.
India's reserve position with IMF rose by $ 7 million to $ 3.636 billion.
He will pitch for American investment in Indian business opportunities.
Inflation, which has been at high levels, is also a key challenge for the country, Thomas J Richardson, the IMF's Senior Resident Representative in India and Nepal, said in New Delhi on Wednesday.
International Monetary Fund Managing Director Dominique Strauss-Kahn has announced his intention to appoint Anoop Singh as Director of the Asia Pacific Department. Singh, an Indian national, who is currently Director of the IMF's Western Hemisphere Department, will succeed David Burton. He holds graduate and post graduate degrees from the Universities of Bombay, Cambridge, and the London School of Economics. Singh has also been special advisor to the governor of the RBI.
The country's foreign exchange reserves rose by $2.518 billion to touch a lifetime high of $575.29 billion in the week ended November 20, RBI data showed on Friday. In the previous week ended November 13, the reserves had surged by $4.277 billion to $572.771 billion. In the reporting week, the increase in the forex kitty was on account of a rise in foreign currency assets (FCAs), a major component of the overall reserves.
India lags behind 132 countries in per capita income.
The Reserve Bank of India on Friday said it will unveil the annual credit policy for 2009-10, which is expected to provide further stimulus to the economy, on April 21.
On global imbalances, Lagarde noted that IMF is assessing external imbalances and misalignments through its new External Sector Report.
A prominent Indian Diaspora body, FIIDS, on Monday urged Finance Minister Nirmala Sitharaman to allow non-resident Indians and overseas citizens of India (OCI) card holders to invest in the Indian stock market. Such a move would boost the Indian economy further by attracting investment from the global Indian community, said the Foundation for India and Indian Diaspora Studies (FIIDS) USA. FIIDS is a US-based institute for US-India policy studies and awareness.
Christine Lagarde recently gave a speech in which she outlined steps needed to avoid future global crisis.
A day after the Reserve Bank kept key interest rates unchanged, the International Monetary Fund on Wednesday said further interest rate increases are needed in India with monetary conditions still accommodative and credit expanding strongly.
Apart from Lagarde, Mexican central bank governor Agustin Carstens and Kazakhstan's central bank governor Grigory Marchenkois are in the fray for the IMF managing director's post which fell vacant after the ignominious exit of Dominique Strauss-Kahn last month.
Significantly, for the first time, the FATF put Myanmar in the "high risk jurisdictions subject to a call for action", often referred to as the watchdog's black list.
While most European countries are backing Lagarde, the developing countries are trying to build a consensus on nominating a person from the emerging nations as the next IMF chief.
Moments before he was taken off a France-bound flight last week, Strauss-Kahn reportedly told the flight attendant, 'what a nice a**' or in French, 'Quel beau cul!', The New York Post reported.
"India did a self-assessment (by the Committee on Financial Sector Assessment, or CFSA) of its financial sector in 2009. This has given us the confidence to get our financial sector evaluated by international financial institutions like IMF and the World Bank. We have voluntarily sought a full-fledged Financial Sector Assessment Programme," Finance Minister Pranab Mukherjee said at the second International Finance Conference at the Indian Institute of Management, Calcutta.
Foreign currency assets, a major component of the overall reserves, fell by $490 million to $441.458 billion in the reporting week.
The country's foreign exchange reserves jumped by a massive $7.779 billion to touch a lifetime high of $568.494 billion in the week ended November 6, RBI data showed on Friday. In the previous week ended October 30, the reserves had increased by $183 million to $560.715 billion. In the reporting week, the jump in reserves was mainly on account of an increase in foreign current assets (FCAs), a major component of the overall reserves.
Pakistan will remain on the 'grey list' of the Financial Action Task Force (FATF) until it further demonstrates that action is being taken against Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who are listed as global terrorists by the United Nations, the global anti-money laundering and terror financing watchdog said on Thursday.
The IMF, in its latest World Economic Outlook report, also said India is among the economies that may require more tightening to address inflation pressure.
The IMF, in its latest World Economic Outlook report, also said India is among the economies that may require more tightening to address inflation pressure.
International Monetary Fund has said more remains to be done to put the US public finances back on sustainable path.
The country's foreign exchange reserves soared by $16.663 billion to touch a lifetime high of $633.56 billion in the week ended August 27, mainly due to an increase in Special Drawing Rights (SDR) holdings, RBI data showed. On Wednesday, RBI had said the International Monetary Fund (IMF) made an allocation of SDR 12.57 billion (equivalent to around $17.86 billion at the latest exchange rate) to India on August 23, 2021. SDR holdings are part of the foreign exchange reserves of a country.
Until now the Fund has sold 212 metric tonnes of gold but it was limited to central banks.
The IMF Board of Governors have approved a general allocation of special drawing rights equivalent to $250 billion to provide liquidity to global economic system by supplementing its member countries' foreign exchange reserves.
International Monetary Fund has warned emerging markets, which have so far weathered the ongoing financial crisis, that they may not be completely insulated, while noting that risks to India's financial sector appeared manageable. The top international organisation has raised the assessment of market risks for the emerging markets including on capital flows. It said that despite generally strong external positions, some concerns have arisen about dollar funding in Asia.
Raghuram Rajan, a former chief economist at the International Monetary Fund, takes charge at the RBI as the country faces its worst economic crunch since a balance of payments crisis two decades ago.
Raghuram Rajan becomes the 23rd governor of Reserve Bank of India.
The IMF on Tuesday cut India's economic growth forecast by 0.5 percentage points to 9 per cent for the current fiscal year, with its chief economist Gita Gopinath saying that the slight downgrade is mainly due to the impact of the spread of the Omicron variant. "If you look at the 2021-22 fiscal year, we have a slight downgrade of -0.5 percentage points and for the next fiscal year 2022-23 we have a slight upgrade of 0.5 percentage points. So, growth for the previous fiscal year is now nine per cent and for this year now is at nine per cent. We moved it up slightly," Gopinath told reporters during a news conference in Washington. In its latest update of World Economic Outlook on Tuesday, the International Monetary Fund has cut India's economic growth forecast to 9 per cent for the current fiscal year ending March 31, joining a host of agencies which have downgraded their projections on concerns over the impact of the spread of Omicron on business activity and mobility.
The country's foreign exchange reserves touched a life time high of USD 555.12 billion after it surged by USD 3.615 billion in the week ended October 16, according to RBI data.
Deloitte India on Friday said it estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. In its India's economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services. With the expectation that the number of middle-to-high-income segments will be one in two households by 2030/31, up from one in four currently, we believe this trend will likely become further amplified, driving overall private consumer expenditure growth, it said.
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