A closer look
When a central bank is on the brink of a currency collapse, sometimes the best bailout doesn't come from the IMF, but from their own people living abroad. During the 2013 'taper tantrum,' the Indian Rupee was in freefall as foreign capital fled the country. Instead of panicking, the Reserve Bank of India offered a highly subsidized, risk-free exchange rate specifically to Non-Resident Indians (NRIs). The diaspora responded instantly, dumping over $30 billion of foreign currency into domestic banks in just a few months. This massive, informal patriotic investment flow single-handedly stabilized the national economy.
