%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(5).png "India now ranks fourth in the world with foreign exchange reserves")
- This report provides an assessment of the external sector for 30 of the world's largest economies based on their 2023 data.
- Key highlights from the report include:
- Global current account balance narrowed significantly in 2023, reflecting a reversal of large current account surpluses in commodity-exporting countries.
- Net capital inflows to emerging markets remained negative but recovered slightly from 2022 levels.
- The report discusses the implications of energy price swings and the clean energy transition on external sector dynamics.
- India's foreign exchange reserves crossed $700 billion for the first time, ranking it 4th globally behind China, Japan, and Switzerland.
Question:
1. Which country's foreign exchange reserves surpassed $700 billion for the first time in 2023, according to the International Monetary Fund (IMF)’s Quarterly External Sector Report?
- A) Brazil
- B) India
- C) Indonesia
- D) Mexico
