Reserve Bank to study impact of Dubai’s debt problem
November 27th, 2009 - 9:50 pm ICT by IANS ( Leave a comment )Hyderabad, Nov 27 (IANS) Reserve Bank of India (RBI) Governor D. Subbarao Friday said the bank will measure the extent of Dubai’s debt problem as well as its impact on Indian economy.
“We should not react to instant news like this,” Subbarao told reporters on the sidelines of a seminar here.
“One lesson that we learnt from the global financial crisis is that we must study developments and measure the extent of the problem and we need to study its impact on India,” he said.
“I have requested my officials to study this, and if necessary we will certainly communicate to the public about what the implications likely are,” the governor added.
India’s financial integration with the global economy was deeper than its trade integration, he said.
“We were affected because we are more globally integrated than we had consciously recognised.”
Dubai World, a state-run investment company, which is thought to have debts totalling around $59 billion, Wednesday informed creditors that it is deferring payments until May.
The debt woes of Dubai stunned the global markets, triggering fears of a widespread default.
- Dubai World woes don't warrant panic: Mukherjee - Nov 28, 2009
- No impact of Dubai World default on India: Anand Sharma - Nov 27, 2009
- Indian policy-makers see little impact of Dubai World woes (Roundup) - Nov 27, 2009
- Reserve Bank of India Governor D.Subbarao gets two-year extension - Aug 09, 2011
- RBI Governor presses for impact assessment of Dubai debt - Nov 27, 2009
- No exodus of Indians due to Dubai World crisis: Vayalar Ravi - Nov 28, 2009
- Dubai World crisis blown out of proportion: Minister - Nov 29, 2009
- RBI to manage volatility in exchange rate - Nov 22, 2011
- Inflation-focussed RBI hikes rates again, may hold off another revision - Oct 25, 2011
- Global economy heading for another downturn: RBI - Jan 24, 2012
- RBI to launch schemes for raising credit flow to northeast - May 20, 2011
- Inflation will come down soon : RBI governor - May 19, 2011
- RBI keeping a close watch on European debt crisis - May 20, 2010
- Probability of global recession low: RBI - Dec 09, 2011
- Global slowdown, reason for lowering growth projection: RBI - Oct 25, 2011
Tags: bank of india, creditors, debt problem, debt woes, debts, extent, fears, financial integration, global economy, global financial crisis, global markets, indian economy, instant news, investment company, rbi governor, reserve bank of india, sidelines, subbarao, trade integration
