In brief, central bank has a developmental role even in the period of reform but it is a different type of role, namely not directly financing development but help develop systems, institutions and procedures to enable a paradigm shift in public policy and in the process enhance corporate governance also in PSBs, in particular.
Shaded areas for September 15, 2008 to March 31, 2009 correspond to the Global Financial Crisis and for March 1, 2020 onward to COVID-19. Sources: Haver; Bloomberg. Chart 2  I.