New Bundesbank representative in Mumbai
Henceforth, the Bundesbank will be represented in India by Peter Kern. Mr Kern takes over from Alexander Sattler who previously occupied this position at Germany's General Consulate in Mumbai.
High-ranking Indian guests
Bundesbank Executive Board member Andreas Dombret and German Consul General Jürgen Morhard marked the appointment of the new Bundesbank representative on 30 October with a formal reception before an audience of invited guests including Urjit Patel, Governor of the Indian central bank, and other dignitaries from the Indian banking and financial sector.
In his speech, Mr Dombret explained the tasks and duties awaiting the Bundesbank's representative in India, the world's most heavily populated democracy. He urged those present to approach the Bundesbanks's new man in India whenever necessary, adding that, while Mr Kern is new to that country, he is not new to the job, having occupied the same post in Sao Paolo, Brazil between 2008 and 2012. Mr Dombret went on to praise Mr Kern's outgoing personality and his immediate decision to sign up for a Hindi language course as a key step in preparing for his new job.
Reliable "hotline" in Mumbai
Mr Kern's predecessor, Alexander Sattler, was also commended for his achievements both in his capacity as the Bundesbank's representative in India and as a financial advisor at the German Consulate General for the past three years. Mr Sattler served in this position during a highly eventful period, during which India saw the initiation of a raft of reforms, the latest of these being an overhaul of goods and services tax (GST). According to Mr Dombret, these reforms to the Indian economy are being observed with great interest by the international community, the Bundesbank's reliable “hotline” in Mumbai acting as a greatly beneficial source of information.
Twelve foreign representatives
The representative post in Mumbai is one of 12 such international positions at the Bundesbank whose representatives are there to observe local financial and economic developments, maintain contact with central bank, finance ministry and bank representatives, and explain the Bundesbank's position.