IMF Current Affairs - 2019

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Sunil Sabharwal re-nominated as Alternate Executive Director at IMF

Sunil Sabharwal, an independent Indian-American investor has been re-nominated as Alternate Executive Director at International Monetary Fund (IMF).

He was re-nominated to key post at IMF by US President Barack Obama. In this regard, President Obama has forwarded his decision to re-nominate Sabharwal to the US Senate.

For first time he was nominated Alternate Executive Director at IMF in April 2014.

About Sunil Sabharwal

  • Sabharwal was born in 1964 in New Delhi and later moved to Budapest, Hungary.
  • He graduated from The Ohio State University and post-graduated from the London Business School.
  • He had worked at the European Bank for Reconstruction and Development as Principal Banker from 1992 to 1996.
  • Then he moved at GE Capital and held several positions including Managing Director from 1997 to 2003.
  • Sabharwal was also Senior Vice President of Strategic Investments at First Data Corporation/Western Union from 2003 to 2006. Since 2006, he has been an independent investor in the payments sector.
  • From 2011 to 2013, he was the Chairman of the Board of Ogone, a European ecommerce payment services company.

India’s Current Foreign Exchange Reserves: $311.427 billion

India’s forex reserves continued their downward journey for the fifth consecutive week, India’s foreign exchange reserves plunged by $2.754 billion to $311.427 billion in the week to October 3. The largest fall is seen in US currency assets which make a big component of the overall reserves. During the last quarter under review, this drop in forex was basically due to drop in valuation of Indian rupee on the back of a stronger US currency against other global currencies and talks of withdrawal of quantitative easing by the US. The Federal Reserve has now deferred its tightening programme to next year, helping rupee to regain some of its lost ground this week.

The foreign currency assets, incorporate the effect of both appreciation and depreciation of many non-US currencies also, which are held in reserves.
Even the gold reserves showed a negative trend after being stable for weeks. The reserves fell by $919.7 million. Other components include special drawing rights and India’s reserve position in the IMF which decreased by $22.8 million and $8.2 million to $4.284 billion and 1.540 billion, respectively.

Components of Foreign Reserves

The components of Foreign Reserves in decreasing order are Foreign Currency Assets, Gold, SDRs (Special Drawing Rights) and Reserve Position in IMF Trench.