De-dollarisation:
RBI Governor Shaktikanta Das clarified that India is not taking steps toward de-dollarisation despite discussions within BRICS about a common currency to reduce reliance on the U.S. dollar.
- The process of reducing reliance on the U.S. dollar in international trade and reserves to mitigate risks associated with currency volatility.
- Countries like China and Russia have initiated measures such as bilateral trade in local currencies and increasing gold reserves.
- India has signed agreements with select nations for bilateral trade in local currencies, reducing transaction costs and exchange rate volatility.
- Increased focus on gold and other currencies in reserves.
