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De-Dollarisation: India Notifies Turkish Lira and Korean Won Forex Rates

© AFP 2022 / INDRANIL MUKHERJEEAn Indian employee looks for illegal Indian rupee currency notes at a bank in Mumbai on September 3, 2013
An Indian employee looks for illegal Indian rupee currency notes at a bank in Mumbai on September 3, 2013 - Sputnik International
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De-dollarisation, a term synonymous with a global backlash against the US dollar hegemony, is garnering powerful momentum as the Indian government notifies non-dollar-mediated rates of exchange for the Turkish lira and Korean won.

New Delhi (Sputnik) — In a step to curb the use of the US dollar in trade with two major trade partners, India's Ministry of Finance on Wednesday notified the rate of exchange for Turkish lira and Korean won to facilitate trade and business with these two countries and ease the process of conversion of their respective currencies into INR and vice-versa.

READ MORE: Turkey's Solution to Lira Crisis Will Be to Dedollarize Its Economy – Economist

"It is expected to decrease the transaction costs and enhance the ease of doing business, thereby, benefitting the Indian, Korean and Turkish businesses", a statement by the Ministry of Finance read.

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The decision by the Indian government to notify exchange rates for these currencies has been taken in the backdrop of growing bilateral trade and investments with Turkey and South Korea. Bilateral Trade between India-South Korea grew to $16.36 billion during 2017-18, from $12.59 billion in 2016-17. South Korea is ranked 8th amongst India's trade import partners during 2017-18.

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"Also, as India has inked a Comprehensive Economic Partnership Agreement (CEPA) with South Korea, the trade flow between the two countries is expected to grow further", the ministry added.

With regards to Indo-Turkish bilateral trade, the figures stood at $ 7.2 billion for the year 2017-18. More than 150 companies with Indian capital have registered businesses in Turkey. These are in the form of Indo-Turkish joint-ventures, trade offices and/or representative offices.

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