BRICS: Indian Railways explores de-dollarization, plans to replace the US dollar with the franc

According to a report by Bijie Network: Indian state-owned railway financing institution IRFC is considering converting its loans from US dollars to Swiss francs to mitigate foreign exchange losses caused by a 6% annual depreciation of the rupee against the dollar. IRFC has an overseas exposure of $8 billion, with 70% of its foreign currency loans denominated in US dollars. This move aims to reduce financing costs. If approved, this de-dollarization strategy by the company, which has assets totaling $56 billion, could set a precedent for other Indian public sector enterprises.