Rs 600,000 as Chairman of the Monetary Policy Committee(MPC)
It is absolute mayhem at the BOM wreaked by its fraudulent shady cartoon characters ; impostors, pretending that they are in charge and running (sic) (ruining) our Central Bank ...
The looting and mismanagement at the BOM goes on unbated…
* Deliberate policy choice of an accelerated depreciation of the rupee to create valuation gains on the Reserve Fund
* Depleting the Reserve Fund of Rs 55bn
* Irresponsible withdrawal of Rs 3 bn from the General Reserve Fund , which goes against the BoM Act , leaving the Bank undercapitalised
* Huge losses incurred by the Mauritius Investment Corporation (MIC) , a valuation loss that was predictable except by the political nominees of the BOM -in view of the mispricing of the future conversion share price, well above current market prices.
* Undermining the BOM’s effectiveness to conduct anti-inflationary monetary policy .
* Abysmal failure to meet the high standards of such a premium institution in terms of good governance, independence and credibility.
Thus, our undercapitalised central bank, its limited credibility and poorly anchored inflationary expectations, has constrained its ability to lower interest rates without adding to inflationary pressures.
Now, they are trying to recruit a foreign economic adviser to help them in cleaning up their act.
It will be a difficult ,if not impossible, task given the appalling depth of incompetence and unholy mess that the BOM has sunk to…
