In this address, I would like to take you through various aspects of our experience in the conduct of monetary policy in an emerging market economy, which is gradually, but significantly, opening up.
Mr. Ray, about a couple of years younger to me in age and a valued colleague in the civil service, had been one of my close friends for almost four decades. He was a self-effacing person with courage of conviction in servicing the cause of the poor with great integrity and objectivity.