New Delhi: RBI Governor Shaktikanta Das said on Friday that the government and the central bank are in discussion with South Asian countries to conduct cross-border trade in rupees. He also said that the central bank digital currency (CBDC) is in the testing phase and the RBI is moving very carefully and cautiously on the launch of the digital rupee. Following the successful launch of the wholesale pilot, the Reserve Bank of India (RBI) launched its retail CBDC pilot project on December 1 last year.
In his keynote address at the IMF conference here, Das said in line with the global trade outlook for 2022-23, greater intra-regional trade in the South Asian region could spur growth and employment opportunities. ,Also read: Invest once in this scheme of SBI, will get monthly returns; Check Return Calculator, Interest Rate, Other Key Details,
“At the central bank level, an important dimension for cooperation is learning from each other on common goals and challenges… Rupee settlement of cross-border trade and CBDCs, where the RBI has already started moving forward, are also areas There could be more collaborations in the future,” Das said. ,ALSO READ: Flipkart fined for not delivering mobile phones after receiving payment– read details here,
The governor outlined six policy priorities facing the South Asian region to address the significant challenges arising from COVID, inflation, financial market tightening and the Russia-Ukraine war. “Several external shocks … have put price pressure on South Asian economies.
Das said credible monetary policy action, targeted supply-side interventions, fiscal trade policy and administrative measures have become the key tools for successful deflation. Going forward, risks to the growth and investment outlook could escalate if inflation persists at elevated levels.