However, liquidity in the term money market remains negligible and the development of a robust term money benchmark curve remains a work in progress. Of course, these are issues not unique to India and are observed in peer nations as well. As LIBOR is getting phased out these problems are faced even by developed markets. 15.
In recent years, extraordinary monetary stimulus has also been provided through unconventional monetary policy measures; international spillovers have been sizeable. Traditionally, monetary policy is thought to have cross-border effects mainly through the implied exchange-rate movements. Recent experience, however, has shown that the monetary policy international transmission mechanism may have several dimensions.