They concluded that “these fairly stringent technical and institutional requirements cannot be met by many developing countries because seigniorage remains an important source of finance and/or because there is no consensus that attainment of low inflation should be the overriding objective of monetary policy.
This unique combination of responsibilities – monetary policy combined with macroprudential regulation and micro-prudential supervision – has allowed the Reserve Bank to exploit the synergies across various dimensions. 3  8.