Washington, Dec 14 (PTI) The International Monetary Fund (IMF) on Thursday said “operational independence” of central banks like the Reserve Bank of India (RBI) was important for carrying out their responsibilities.Also Read - Gita Gopinath to Take on New Role as IMF's First Deputy Managing Director
IMF Director Gerry Rice said this in response to a question on the recent developments at the RBI. He, however, added that his views were in the context of international experiences. Also Read - India's Growth Rate Didn't Match Increase in Jobs: IMF
“International experience shows that operational independence is important for a central bank to carry out its responsibilities,” Rice said in response to a question. Also Read - 'Positive Impact on Investment', IMF Lauds India's Decision to Slash Corporate Income Tax
The RBI played a vital role in ensuring economic and financial stability, and was an important counterpart and partner for the IMF, he said.
Rice added that the IMF had “taken note of” Urjit Patel as the governor of the RBI and the appointment of Shantikanta Das as his replacement.
“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,” he said.
“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,” Rice said.
This is published unedited from the PTI feed.