According to him, no other currency qualifies for reserve status. “Europe can’t (make their currency the reserve) because it is the ‘disunited states of Europe’. I don’t think the UK or Japan have the heft to take that position, though the British pound and the yen are free currencies. China has a major issue of trust with many countries around the world. It is our chance to take a shot at becoming the reserve currency of the world,” said Kotak.
On Sunday, Kotak clarified via his Twitter handle that he inadvertently used the words, ‘financial terrorist’ in connection to the US dollar. “What I meant was a reserve currency has disproportionate power, whether it is a nostro account, 500-basis-point rate increase, or emerging countries holding dollar for liquidity,” he tweeted.
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