When we floated our exchange rate in 1950 and again in 1970, it was because we were pushed off our pegged rate by the pressures of rising commodity prices and associated strong inflows of capital. The notion of a national monetary policy with an independent inflation target did not feature in these decisions.
Good progress has been made, though there is a long way to go. An early milestone was reached a few weeks ago when the settlement of direct entry payments, amounting to about $ billion per day, moved to same-day settlement, as opposed to the previous practice of settling the next day.