Opinion and commentary

Central banks and the rule of law

By K. P. Krishnan

Business Standard

May 19, 2022

Two recent developments in India underline the need to imbue the rule of law in the functioning of central banks (CBs). The Reserve Bank of India (RBI) legally became an inflation targeting CB in 2016. The Monetary Policy Committee (MPC) normally makes policy announcements in line with a predictable schedule.

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