India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, Burma, German East Africa (as Rupie/Rupien), and Tibet. Rupee is the common name for the currencies of
Orange: Countries where a foreign country's rupee is legal tender India, Indonesia, Maldives, Mauritius, Nepal, Pakistan, Seychelles, Sri Lanka Therefore, it is essential that we take concerted climate action to safeguard the future of our planet and its inhabitants,” Das said.Purple: Countries using a rupee as an official currency As we all know, such events are becoming more frequent in recent years. “All these factors can contribute to higher inflation and lower growth, which can erode the purchasing power of households and businesses. The physical impact of climate change such as the rise in sea level or increased frequency and intensity of extreme weather events can damage infrastructure and property, Das said, adding that this leads to higher costs for both businesses and households. “In such a situation, addressing the deteriorating debt situation in low- and middle-income countries, and facilitating coordinated debt treatment by official bilateral and private creditors under a multilateral framework have assumed priority under our G20 presidency,” Das said.įurther, the RBI governor asked stakeholders to take concerted action to tackle climate change. Further, capital outflows from emerging market and developing economies due to continued tightening of financial conditions have led to reserve losses, sharp currency depreciations and spiraling imported inflation pressures. About 25% of emerging market economies are also at high risk. The governor said that the aggressive monetary policy tightening by systemic central banks and the consequent appreciation of the dollar have led to several economies with a high share of external debt becoming “highly vulnerable to debt distress”.Ĭiting an IMF data, the governor said 15% of low-income countries are estimated to be already in debt distress, with an additional 45% at a high risk of debt distress. We have also issued revised guidelines on oversight and assurance functions of financial entities,” he added. The focus is now more on identifying the root cause of vulnerabilities, rather than dealing with the symptoms alone.
“We have strengthened our engagement with the senior management and boards of the supervised entities. Credit Suisse: Impact on Indian banking unlikely
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