How Uday Kotak’s remarks signify the growing mistrust on the U.S. Dollar as a reliable global currency  

Kotak Mahindra Bank’s C.E.O. Uday Kotak had recently shared his thoughts on the U.S. Dollar and how it is used by the United States government to create economic chaos in other countries. In the award ceremony of The Economic Times, Uday Kotak shared his insights on the current economic situation around the world. In the context of the U.S.A.’s sanctions on Russia against using the U.S. Dollar, Kotak called the currency the ‘biggest financial terrorist in the world.’  

Although his strong remarks have drawn criticism, his view denotes the falling trust among global investors and countries towards the U.S. Dollar. In the wake of the ongoing Russia-Ukraine conflict, the United States refused to let Russia use U.S. Dollars for any international purchases to weaken them economically, which has pushed countries around the world to find replacements for Dollars for foreign trading. These include India, China, Russia, Saudi Arabia, and many others. Currently, India and China are in the race to make their own respective currencies global. However, China has also created a strong mistrust around the world since the pandemic, which is why Uday Kotak also said that this is a once-in-a-hundred-year opportunity for India as the world searches for an alternate trading currency. 

Image courtesy: ANI