A new multilateral institution – the International Currency Fund or ICF – that makes two-way markets in currencies is needed to decrease currency risk and enable the external borrowing that low and lower-middle income countries need to meet their sustainable development goals, Sony Kapoor argues in the Financial Times.
The ICF should focus on longer durations, for which no private market exists, and should build on the expertise of TCX. Please read the FT article here.
The author is chief executive of the Nordic Institute for Finance, Technology and Sustainability (NIFTYS). Please read a NIFTYS brief with more info on the ICF here.