Raiding The Bank
Bloomberg Businessweek Middle East|December 16, 2018

The autonomy of India’s central bank is under threat

It’s open season on central bank chiefs. In the U.S., President Trump has complained that the Federal Reserve has gone “loco” because its interestrate hikes threaten to snuff out his tax cut stimulus. Italy’s deputy prime minister, Luigi Di Maio, accused his compatriot Mario Draghi of “poisoning the atmosphere” after the European Central Bank president warned that the country’s borrowing costs would escalate unless the government pared back its spending plans.

Prime Minister Narendra Modi wants to keep India’s economy firing as he campaigns for reelection next year. His administration has been pressing the central bank to hand over a part of its surplus reserves to help meet budget goals and ease restrictions on corporate lending by state banks. Reserve Bank of India Governor Urjit Patel has other priorities: Flush out the pile of nonperforming loans clogging the banking system, insulate the rupee from emerging-market jitters, and keep a lid on inflation.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM BLOOMBERG BUSINESSWEEK MIDDLE EASTView All

The Novo Abides

Mike Novogratz, former Goldman Sachs partner and the loudest crypto bull on Wall Street, has made and lost a fortune on Bitcoin. He’s still all-in.

5 mins read
Bloomberg Businessweek Middle East
1 January, 2019

Weaponizing Uncertainty

Trump’s tariffs were meant to make the U.S. a safe option for businesses looking to expand. It’s not working out that way.

4 mins read
Bloomberg Businessweek Middle East
1 January, 2019

The Immigration Hackers

An Obama-era department of techies is working to streamline paperwork from inside the Trump administration. Results are mixed.

4 mins read
Bloomberg Businessweek Middle East
1 January, 2019

Letter From London, March 2029

A message from post-Brexit Britain about what the 2019 split from the EU hasn’t delivered.

8 mins read
Bloomberg Businessweek Middle East
1 January, 2019

Saudi Weighs More Bank Mergers

Gulf bank consolidation trend gathers pace with Saudi plans.

2 mins read
Bloomberg Businessweek Middle East
1 January, 2019

Money Markets Mixed Over Fed Rate Hikes

There is little agreement among commentators as to whether the Fed will continue to hike rates in 2019.

1 min read
Bloomberg Businessweek Middle East
1 January, 2019

Hey, Paul Ryan, What's Up? Budget Deficits

The professed fiscal hawk leaves behind a legacy of unsustainable shortfalls.

4 mins read
Bloomberg Businessweek Middle East
1 January, 2019

Dell EMC Bullish On 2019 Outlook

Cloud and technology giant plans further expansion in the Middle East.

2 mins read
Bloomberg Businessweek Middle East
1 January, 2019

Artificial Intelligence Has Some Explaining To Do

Software makers offer more transparent machine-learning tools—but there’s a trade-off.

4 mins read
Bloomberg Businessweek Middle East
1 January, 2019

What Buffalo Got, And Didn't Get, When Tesla Came To Town

After $750 million in subsidies and years of delays, critics say Elon Musk hasn’t done enough for his solar panel factory

10+ mins read
Bloomberg Businessweek Middle East
December 16, 2018