Sovereign Debt: Mulk Ka Udhaar
Aapne aam aadmi ka udhaar dekha aur government bonds dekhay. Lekin baat yahan khatam nahi hoti. Jab government apne hi mulk ke banks se udhaar le kar thak jaati hai, toh woh kahan jaati hai?
Jab kisi desh ki economy import (bahar se samaan mangwana) zyada aur export (bahar samaan bechna) kam karti hai, toh uske paas foreign currency (jaise Dollar) khatam hone lagti hai. Petrol aur medicines bahar se aati hain, aur unki payment sirf aur sirf Dollar mein mangi jati hai.
Lekin government apni marzi se Dollar print nahi kar sakti (woh sirf apni local currency chaap sakti hai). Is majboori mein government doosre deshon ya aalmi idaron se 'Sovereign Debt' (Qaumi Karz) leti hai. Yeh loan hamesha foreign currency mein hota hai.
Agar kisi desh ne 1 Billion Dollar ka loan liya 5% interest par, aur achanak uski local currency ki qeemat (exchange rate) aadhi reh gayi, toh local terms mein us desh ka udhaar bina koi naya loan liye, raaton raat double (Dugna) ho jata hai.
Sochiye: Kaisa mehsus hoga jab aapki awam poora saal mehnat kare, export kare, aur uska saara faida sirf isliye zero ho jaye kyunke foreign udhar par currency rate ki maar par gayi?
Key Takeaway
Sovereign Debt (Aalmi Karz) kisi bhi developing country ke gale ka woh phanda hai jo currency ki qeemat girtay hi mazeed tight ho jata hai, chahe government kitni bhi koshish kyun na karle.