The US dollar has too much power as a reserve currency, and the world desperately needs an alternative, billionaire investor and CEO of Kotak Mahindra Bank, Uday Kotak, said.
Speaking at the Economic Times Awards for Corporate Excellence 2023, the banker described the dollar as “the biggest financial terrorist in the world.” As most global assets are held in dollars in so-called nostro accounts with US banks, they are entirely dependent on decisions made by American bankers and authorities, he explained.
“Somebody in the US can say: You cannot withdraw [this money] from tomorrow morning – and you are stuck. That is the power of the reserve currency,” Kotak added.
