Abstract
In June 1991, the government of India pawned 67 tons of gold to the Bank of England and the Union Bank of Switzerland to shore up its dwindling foreign exchange reserves. The US dollar was in great demand. By November 2009, after nearly two decades of reform and globalisation, the shoe had moved to the other foot: India bought 200 tons of gold from the International Monetary Fund (IMF). The country’s reserves stood at $285 billion - compared with $2 billion in 1991 - and the demand for greenbacks had dimmed.
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© 2012 Konstantinos Karamanlis Institute for Democracy, Athens
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Pant, H.V. (2012). India’s Rise Leads to New Foreign Policy Challenges. In: Tzifakis, N. (eds) International Politics in Times of Change. The Konstantinos Karamanlis Institute for Democracy Series on European and International Affairs. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-21955-9_11
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DOI: https://doi.org/10.1007/978-3-642-21955-9_11
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