Uday Kotak’s statement of ‘Financial Terrorist’ to US Dollar is getting a lot of headlines.Image Credit source: File Photo : PTI
Uday Kotak, the promoter of Kotak Mahindra Bank and famous banker, calling the dollar a ‘financial terrorist’ became big news for the media. There was a lot of hue and cry on his one statement, after which he has now explained the meaning of his statement.
Uday Kotak took to Twitter on Sunday, and explained the entire reason behind calling the dollar a ‘financial terrorist’. During a discussion with a business newspaper on Saturday, he gave this statement regarding the dollar, which also went viral on social media.
What is the meaning of ‘financial terrorist’?
Uday Kotak clarified that he had unknowingly called the US dollar a ‘financial terrorist’. Now they want to rectify it. This term was used to show the strength of the dollar as a reserve currency. As a reserve currency, the dollar has a special power to control the world market. He also gets this power in the operation of Nostro account.
In a recent discussion on US$ I inadvertently used words financial terrorist which I would like to correct. What I meant was that a reserve currency has disproportionate power, whether it is our account, 500 bps rate increase, or emerging countries holding $ for liquidity.
— Uday Kotak (@udaykotak)
(This news is being updated)