If there is a tangible risk that lower demand will not ease inflationary pressures, there is a strong case for a “robust control” approach to monetary policy, guided by the principle of a forward-looking central bank that takes its decisions with a view to stabilising medium-term inflation.
The objective is to ensure that the Bank can continue to seamlessly deliver on its statutory objectives even in worse case scenarios. I know that, just like the banking industry has endeavoured to come to the rescue of the economy, all of you too, as human resource leaders, have played a key role in tackling resourcing and efficiency challenges posed by the pandemic.