Monetary policy announcements are associated with frissons of animated speculation rippling through public discourse. Projections are revised, and the balance of risks are re-tilted. Shadow monetary policy committees take positions in print and in sound bytes. Curve fitting the central bank commences – is it behind the curve? – and accordingly, bird-like postures are conjured to characterise its angle of repose. Markets get poised to reprice, and financial institutions reassess interest margins. Depositors and businesses exert conflicting pulls on public opinion. Questions rent the air on the likelihood of rate movements, by how much, and on shifts in stance.

I am delighted to welcome you all to this ‘High-Level Policy Conference of Central Banks from the Global South’. This conference has been organised as part of the commemoration of the 90th year of the Reserve Bank of India since its establishment in 1935. Since then, the Reserve Bank has established itself as a credible public institution in India. This landmark event provides a unique forum to deliberate on current policy challenges from the vantage point of the Global South. This event is also a part of various conferences and seminars which we have organised this year. These include three international conferences, this being the third one.