What is the role and meaning of legal tender and the need for some form of generally 1/3  BIS central bankers' speeches  available and usable central bank money for members of the public? The historical background of legal tender lies in times when different monies circulated and, for the sake of stability, one of them had to be classed as legal.
Such forward guidance may even have destabilising 1  Fixed Income Money Market and Derivatives Association of India  1  effects on financial markets, especially if the subsequent policy actions are  at  variance  with  earlier  pronouncements. Central  bank  communication in the current context has thus become even more challenging than the actual policy actions.