Over recent RBI developments, IMF director said, “Operation Independence is Importance” - TNBCLive

On Thursday, the International Monetary Fund (IMF) said that “Operation Independence” of RBI was important for carrying out their individual responsibilities.

IMF Communication Director Gerry Rice said that this is a reply to a question on the recent RBI developments. However, he added that his views were in respect to the international experiences.

While replying to a question, Mr. Rice said that “International experience shows that operational independence is important for a central bank to carry out its responsibilities.”

He continued that RBI plays an important role in ensuring financial and economic stability, and was treated as a significant counterparty and partner for the IMF.

The IMF Communication Director further said that the IMF had “taken note of” the former RBI governor Urjit Patel and Shaktikanta Das’s appointment as his replacement.

Mr. Rice said, “We believe Patel was instrumental in formulating the Reserve Bank of India’s inflation-targeting framework as a deputy governor and in successfully implementing it as governor.”

“In wishing Governor Patel all the best in the future, we also look forward to working closely with Governor Das and wish him well in his new incarnation,” added the IMF Director.

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