..............RBI underscored this concern both in its macroeconomic review and policy statement. With such a large external vulnerability weighing on the economy, making it cheaper for exporters, importers, and companies with foreign exchange obligations to short the currency isn’t what any central bank would prescribe, regardless of the growth-inflation dynamics. But RBI chose to do so. And in doing so it added to the very risks that it exhorted us to guard against.
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