At various points in the past when US government debt threatened to explode, there would be talk of de-dollarisation and efforts to find a substitute—all to no avail. However, the dollar's share of global reserves has been volatile, falling from nearly 80% in 1970 to below 58% in 1980 and further to an all-time low of 47% in 1990. It rose to 71% in 1999 before falling again, to about 58-59% in 2020.
With the birth of the euro in 1999, there was a period when it was thought that, perhaps, this could provide a reasonable avenue of diversification for central banks, both from an economic and geopolitical perspective. However, it is clear that the euro is but a shadow of what was expected.
Nonetheless, the effort to find an alternative to dollar hegemony continues, accelerating after the G7, under US direction, sanctioned Russia after it invaded Ukraine, by cutting it off from SWIFT, the global settlement system.
هذه القصة مأخوذة من طبعة December 12, 2024 من Hindustan Times Ranchi.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 12, 2024 من Hindustan Times Ranchi.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Change in the air as India get ready for Brisbane test
The final nets session in Adelaide gives indications of possible changes in line-up after the pink-ball Test loss
THE CURIOUS CASE OF ROHIT BAL'S WILL
Has Rohit Bal left his assets to close friend Lalit Tehlan or to his family? Both parties claim they have the legitimate will
INDIA LOSE AFTER MANDHANA HUNDRED, SUFFER 0-3 WHITEWASH
Opener Smriti Mandhana's elegant century went in vain as India lost to Australia by 83 runs in the third Women's ODI to suffer a 0-3 series whitewash here on Wednesday.
Manu Bhaker looks to ease back into action at National shooting
NEW DELHI: India's Paris Olympics medallists will be back in action at the Senior National Shooting Championships starting on Wednesday.
Ministry, SAI to introduce franchise national leagues
NEW DELHI: In a first-of-its-kind initiative, the Sports Ministry and Sports Authority of India (SAI) have decided to organise franchise-based professional national leagues in several key sports disciplines at the grassroots and developmental levels.
How to claim deductions, save tax on rental income
Rent can be an additional source of income for salaried individuals who have invested in property.
New RBI guv takes over as growth slows, inflation rises
NEW DELHI: India got a new central bank governor on Wednesday, career civil servant Sanjay Malhotra, who has taken office at a time when the country's economic growth is slowing and inflation is surging.
Acme Solar secures 250 MW green project in NHPC auction
NEW DELHI: Acme Solar Holdings on Wednesday said the company has bagged a renewable energy project of 250 MW in an auction held by NHPC.
MOBIKWIK'S INDIA IPO FULLY SOLD WITHIN 1ST HOUR
Indian financial technology firm MobiKwik's ₹572 crore ($67.4 million) IPO was fully subscribed within the first hour on Wednesday as investors bet on the company's growth in a booming domestic online payments market.
Data centre mkt attracts $60 bn investment commitment in 6 yrs
NEW DELHI: India's data centre market has attracted investment commitment of $60 billion in the last six years and the cumulative inflow is estimated to surpass $100 billion by 2027-end, according to CBRE.