RBI chief stresses independence in monetary policy

Mumbai, Jan 3 (IANS) Central banks need to be given full independence in formulating monetary policy and there should not be any political pressure on them, Reserve Bank of India (RBI) Governor Duvvuri Subbarao said Thursday.

"The issue of monetary policy independence has acquired greater potency following the expansion of the mandates of central banks and their more explicit pursuit of real sector targets such as growth and unemployment," Subbarao said.

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