Reserve Bank of India Governor Duvvuri Subbarao, in probably his last public speech as governor (he steps down in less than a week), on Thursday said reducing the current account deficit was outside his domain, as RBI had very little policy space or instruments to deliver the needed structural solution. “The government’s loose fiscal stance in 2009-12 curbed Reserve Bank’s policy stance. It is good if the government and the RBI act in concert in times of crisis,” he said, adding that “the central bank arrangement hinges on the government respecting its autonomy”.
Posted on: Fri, 30 Aug 2013 12:23:25 +0000
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