Bloomberg India’s foreign exchange reserves have by all indications crossed $600 billion, central bank chief Shaktikanta Das said, a huge buffer that will help insulate Asia’s third-largest economy from global spillovers and volatile external flows. Earlier this year, the country’s foreign-exchange reserves briefly surpassed Russia’s to become the world’s fourth-largest, as the Reserve Bank of India continued to hoard dollars ...

Bloomberg Citigroup Inc has begun hiring financial advisers as the lender looks to expand its wealth-management offerings around the globe. The firm is structuring compensation for the newly hired advisers in a way that gives Citigroup shareholders more power than wealth managers themselves, Chief Executive Officer Jane Fraser said during a virtual investor conference. Generally, the wealth-management industry has been ...

Bloomberg Zimbabwe has threatened to ban traders from the country’s foreign-exchange (FX) auction platform for exploiting the gap between black-market and official currency prices. Authorities are dealing with an underground phenomenon that has the potential to “totally destabilise the Zimbabwean economy,” Deputy Finance Minister Clemence Chiduwa said in an op-ed in the state-run Sunday Mail newspaper. Companies and individuals could face ...