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India reserve bank governor heads for the door under BJP pressure
http://indianexpress.com/article/business/banking-and-finance/reserve-bank-of-india-raghuram-rajan-bjp-2861524/If you think this doesn't impact the US you are mistaken...
Ending speculation on his continuance at the Reserve Bank of India (RBI), Governor Raghuram Rajan, who has been under attack from members of the ruling party, announced today that he will not continue in office when his present term ends on September 4. He said he will go back to the academia in the United States.
In an internal email to RBI employees, Rajan hinted at the disconnect with the government when he said he was “open” to complete the unfinished agenda. “While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016.”
In first remarks, Union Finance Minister Arun Jaitley said the government appreciates the “good work” done by Rajan and will soon take a decision on his successor.
“Dr Raghuram Rajan has announced his intention to go back to academics at the end of his current assignment. The government appreciates the good work done by him and respects his decision,” he said in a Facebook post. “A decision on his successor would be announced shortly.”
In an internal email to RBI employees, Rajan hinted at the disconnect with the government when he said he was “open” to complete the unfinished agenda. “While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016.”
In first remarks, Union Finance Minister Arun Jaitley said the government appreciates the “good work” done by Rajan and will soon take a decision on his successor.
“Dr Raghuram Rajan has announced his intention to go back to academics at the end of his current assignment. The government appreciates the good work done by him and respects his decision,” he said in a Facebook post. “A decision on his successor would be announced shortly.”
I met Gov. Rajan here in Mumbai near the beginning of his term at a question and answer session; I pretty dickishly asked if the Rupee has enough slack for the RBI to have any real leeway for monetary policy other than tightening (though in fairness I had a point).
This is probably one of the more important staffing announcements to be made worldwide this week, so I just wanted it on DU.
