The Indian currency is growing steadily. Yet our currency can be revalued almost to a dollar. Quite similarily Turkey has revalued its currency from 1 million turkish lira to a new turkish lira having a rate of 1 dollar = 1.25 turkish lira at the moment.
Do you think such measures can help the indian economy?
Post your comments.
2007-07-28 05:50:52 · 6 answers · asked by Toxin the Terrible 1 in Social Science ➔ Economics
I dont know about the Indian economy but I can tell you the Turkish economy...
Well in Turkey we were pretty embarrassed of our old currency. 4 000 000 for a coffee... :))))
All the tourists made fun of us and stuff like that. Erasing all the zeros definitely helped our economy's image.
Foreign business men start investing....
Inflation decreased (from 80%s to 7%s now)
People no longer afraid to get loan from banks...
With the loans they can open businesses...
To sum up we start trusting in our money more. We used to invest only dollar or euro but now investing in Turkish money. Because that is more profitable.
Today we are sure that we will see the day when 1 dollar is 1 Lira... not so distance future...
Because of the successful operation Current administration AK Party (the one who erased all the zeros) won the election for the second time. For the first time in Turkish democracy history a party who is in charged managed to increase their votes on the next election....
So I definetly can tell you that It was a very good thing to do.
2007-07-29 08:01:04 · answer #1 · answered by IKE 2 · 0⤊ 0⤋
If one Rupee is arbitrarily pegged to one Dollar, will it increase the Rupee's purchasing power? The Rupee will be in short supply which will be manifest in lesser incomes and interest rates. Prices too will shoot. It is best for the market forces to determine such equivalence. The Government might intervene if things go out of hand. But things are pretty comfortable at the current rates. Hence no change is required.
2007-07-28 07:45:45 · answer #2 · answered by Modest 6 · 0⤊ 0⤋
i think we should change our currency with new and the notes also so that black money in the market is finished . it will also help us to take care of fake notes which comes from Pakistan and Nepal.
2015-02-05 00:21:58 · answer #3 · answered by sushil 1 · 0⤊ 0⤋
Dr. Manmohan Singh or the finance minister can better tell.
2007-07-28 07:04:29 · answer #4 · answered by Rana 7 · 0⤊ 0⤋
It should be left to market forces
2007-07-28 06:15:47 · answer #5 · answered by Phd 2 · 0⤊ 0⤋
maybe
2007-07-28 05:58:20 · answer #6 · answered by gldngraham 2 · 0⤊ 0⤋