Goaltide Daily Current Affairs 2022

Mar 15, 2022

Current Affair 1:


Current Affair 2:


The export of fresh fruits from India has increased from USD 516.26 million in 2014-15 to USD 768.54 million in 2020-21.

Promotion of exports of agriculture products, including dairy products like curd and cheese, is a continuous process. To promote the export of dairy products, an Export Promotion Forum (EPF) has been constituted under the aegis of Agricultural & Processed Food Products Export Development Authority (APEDA).

Current Affair 3:
Yuan as a reference currency for interim oil trade

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The above is an article from The Hindu. The following are some relevant points.

  1. US and European countries have imposed economic sanctions on Russia. But this sanction till now is only in terms of payment using dollars. Certain Russian banks have been removed from SWIFT system and they are finding it difficult to clear the payments in dollars for Russian imports/exports
  2. Russian Central Bank's Forex Reserves (mostly held in foreign currency of dollar and other European currencies) have also been frozen that means it cannot use these dollars to sell and purchase Russian currency 'Ruble' to prevent its depreciation in the forex market.
  3. Since long international trade is happening in dollars and traders are willing to accept dollars because they believe that US dollars maintain a stable purchasing power and they can use these dollars any time for purchasing goods from US or making payment to some other trader as everyone is willing to accept dollars
  4. Since global trade that is carried out using dollars is cleared by banks located in the United States, the US government has the power to freeze dollars that belongs to its adversaries (Russia), resulting in stopping of trade with that country.
  5. As till now the sanctions on Russia is mostly on payment using dollars, India is thinking of purchasing Russian oil by paying in Russian Ruble. But if this (dollar) sanction on Russia continues for long and we keep on trading with Russia through Rupee and Ruble (that is India making payment in Rupee for its imports from Russia and Russia making payment in Ruble for its imports from India) then Russia will be in problem as Russia is a net exporter to India and they will be left with excess Indian Rupee which they wont be able to use elsewhere as the acceptability of rupee in international trade is less. So, they are considering using Chinese currency.
  6. Only 3% trade happens with Chinese currency and still 90% international trade is happening with dollars.

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