6  BIS central bankers’ speeches  Although we believe that’s the right decision at the present time, it would not always be the right call. There are times, as in the 1970s, when exchange rate movements are part of a broader inflationary process. In such cases, looking through the pass-through could put us on a treadmill of accommodating higher inflation.
Usha Thorat: Milestones of bank note production in India Welcome address by Ms Usha Thorat, Deputy Governor of the Reserve Bank of India, and Chairperson of the Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), at the foundation stone laying ceremony of the Banknote Paper Mill, Mysore, 22 March 2010. *  *  *  1.