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Venezuela to sell oil in Indian rupee, Chinese yuan among other currencies

Discussion in 'World Economy' started by lca-fan, Sep 10, 2017.

  1. lca-fan

    lca-fan Major SENIOR MEMBER

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    Venezuela to sell oil in Indian rupee, Chinese yuan among other currencies

    Venezuelan President Nicolas Maduro announced his government will sell oil and other commodities in currencies like the Indian rupee, Chinese yuan and Japanese yen, in a bid to weather US-imposed sanctions on the embattled country.
    By: AFP | Caracas | Updated: September 10, 2017 10:05 AM
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    [​IMG]The country has to make USD 3.8 billion in debt payments in October and November, while its foreign currency reserves have sunk under USD 10 billion. (Representative Image: Reuters)

    Venezuelan President Nicolas Maduro announced his government will sell oil and other commodities in currencies like the Indian rupee, Chinese yuan and Japanese yen, in a bid to weather US-imposed sanctions on the embattled country.

    “I have decided to start selling oil, gas, gold and all other products that Venezuela sells with new currencies, including the Chinese yuan, the Japanese yen, the Russian ruble, the Indian rupee among others,” he said during a television broadcast. “A economy free from the US imperialist system is possible.”

    Washington’s tough new sanctions on Caracas bar US banks from trading in new bonds issued by the government or the state run oil company PDVSA. The goal is to restrict Venezuela’s access to vital bond and equity markets.

    The aim is to “deny the Maduro dictatorship a critical source of financing to maintain its illegitimate rule,” the White House said.

    Maduro railed that they amounted to a financial and economic blockade, as ratings agency Fitch downgraded Venezuela and warned default was now likelier.

    The country has to make USD 3.8 billion in debt payments in October and November, while its foreign currency reserves have sunk under USD 10 billion.

    http://www.financialexpress.com/mar...e-chinese-yuan-among-other-currencies/848997/
     
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  2. lca-fan

    lca-fan Major SENIOR MEMBER

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    This can be a significant development, if Indian Govt. can convince other oil suppliers like Iran, Malayasia and even UAE, Saudi Arabia, we can not only save a significant amount of FOREX but it would also help Indian Currency Rupee to become a part of Global Forex Reserve and push Indian currency's value up greatly enhancing India's GDP. Also it will help improve exports as Indian Rupee could be used to Import goods & Services from India............

    @Levina @Abingdonboy @nair@MilSpec @Gessler @Robinhood Pandey @randomradio @vstol jockey @Hellfire @NS52 @BlackOpsIndia @Rain Man @Grevion @Nilgiri @GSLV Mk III @SrNair @dadeechi @Ankit Kumar 001 @kaku1 @Golden_Rule @IndiranChandiran @Lion of Rajputana @thesolar65 @Sathya @Butter Chicken @AbRaj @Agent_47 @bharathp @Aqwoyk @GuardianRED @PeegooFeng41 @Indx TechStyle @Ved Mishra @ni8mare @A_poster @Kalmuahlaunda @zebra7 @Marqueur @PARIKRAMA
     
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  3. ranadd

    ranadd 2nd Lieutant FULL MEMBER

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    ^^

    Indian economy will be decimated if India voices that. Note that India is buying tonnes of dollar off the market as well.

    The moment India pushes hard for INR for oil and US treasury will send memos to the boys behind the scene. Phone calls will be made and India will run with tail between the legs.

    Let China and Russia push the hard agenda.

    India can do the soft agenda. Get more gold reserves, give preferred currency rate options like pay but more than market if in INR.

    India cannot afford to upset US dollar now. Well, India does not have the means to back it up. So do what the Chinese did, fill the bank and pick up the stick.

    You and me saying the same. I just added the finesse part to it.
     
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  4. Nilgiri

    Nilgiri Lieutenant GEO STRATEGIC ANALYST

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    Monumental blunder by India to stop support of Gulf Rupee by an unecessary forced parallel devaluation....right along with Nehru Aksai Chin waffling, lack of literacy campaign and overall leftist autocrat socialism model.
     
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  5. ranadd

    ranadd 2nd Lieutant FULL MEMBER

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    Enough with the Nehru blame. Hindsight is 20/20.
     
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  6. omya

    omya BANNED BANNED

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    Awesome
    failure of socialism profit to capitalist india :badass:
     
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